GE Pays SEC $50M, Professionals $200M to Settle Financial Statements Complaint
Posted Aug 4, 2009 4:52 PM CDT
By Martha Neil
It cost General Electric Co. $50 million to settle—without admitting liability—a U.S. Securities and Exchange Commission complaint that the company materially misstated information in 2002 and 2003 financial statements.
But resolving the matter cost the company another $200 million or so in legal and accounting fees, notes the Am Law Litigation Daily.
The law blog provides a copy of the SEC complaint (PDF), which was filed in federal court in Connecticut today, but says a copy of the consent decree also filed with the court today by GE was not immediately available.
More details are provided in a GE press release.