BISYS Finalizes SEC Settlement

May 23, 2007

Financial services firm BISYS said it has completed its previously disclosed settlement with the Securities and Exchange Commission (SEC) with respect to the SEC’s investigation into its 2004 and
2005 restatements.

Under the settlement, the company has agreed, without admitting or denying any wrongdoing, to refrain from future violations of the reporting, books and records and internal control provisions of the federal
securities laws and related SEC rules.

As previously disclosed, the company said it will pay $25.1 million in
disgorgement and prejudgment interest, which amount was placed in escrow in January 2007 as part of the settlement.

This settlement concludes the SEC’s investigation of this matter with respect to the company, according to Robert Casale, chairman, and interim CEO and president of BISYS.

Source: The BISYS Group, Inc.

Was this article valuable?

Here are more articles you may enjoy.