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Tag >> settlement
Aug 30

Two former Dell finance execs settle fraud charges

Posted by Stephen Taub in settlementSecurities and Exchange Commissionsecfraudcookie jar accountingcomplianceAccounting

Stephen Taub

More problems for Dell.

The Securities and Exchange Commission settled civil charges with two former Dell finance executives for their role in the company's alleged accounting fraud.

Former chief accounting officer Robert Davis agreed to pay a penalty of $175,000, disgorgement of $19,080, and prejudgment interest of $9,078. He also agreed to a five-year suspension from appearing or practicing before the SEC as an accountant.

Jul 16

Dell moving closer to SEC settlement

Posted by Stephen Taub in settlementSecurities and Exchange CommissionDellcompliance

Stephen Taub
Dell and founder, chairman and CEO Michael Dell are getting close to settling with the Securities and Exchange Commission.

The computer giant Friday adjourned its annual meeting, saying it wanted to give shareholders a reasonable amount of time to consider its recent offer to the regulator.

In a separate announcement on Friday, Dell announced that the company and Michael Dell have proposed settlements to the staff of the SEC, which the staff has agreed to recommend to the SEC.

Jul 16

Goldman to pay $550 million to settle with SEC

Posted by Stephen Taub in settlementSecurities and Exchange Commissionsec, Mary Schapiro, compliancecollateralized debt obligation

Stephen Taub

Score this one for the Securities and Exchange Commission and chairman Mary Schapiro.

In perhaps their biggest accomplishment since she took over the securities regulator over a year ago, Goldman, Sachs agreed to pay $550 million and reform certain business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the US housing market was starting to collapse.

Apr 14

Hiring illegals costs carpet maker $18 million

Posted by Stephen Taub in Supreme CourtsettlementrICOillegalscompliance

Stephen Taub

So, you think you can save money by hiring illegals at lower salaries than U.S. citizens and legal residents are willing to take? Think again.

Just ask the folks at carpet maker Mohawk Industries.

Mar 26

Securities class action settlements surged in 2009, down from high

Posted by Stephen Taub in WorldcomsettlementlawsuitsIPOEnron

Stephen Taub

The number and value of securities class action settlements rose last year. However, the figures are still way down from what they were several years ago.

According to Cornerstone Research, which keeps score and cosponsors the Stanford Law School Securities Class Action Clearinghouse, in 2009 there were 103 court-approved securities class action settlements, up slightly from 97 in 2008. However, the settlements in 2009 involved $3.8 bil­lion in total settlement funds, up 35 percent from the prior year.

Feb 05

B of A far from putting Merrill deal in the past

Posted by MQuinn in settlementsecfraudcomplianceBank of America


The Securities and Exchange Commission announced on Thursday that it had settled -- again -- with Bank of America over charges that the bank misled shareholders about $3.6 billion in bonus payments to employees of Merrill Lynch, which B of A acquired in 2008.

The original $33 million settlement was, of course, rejected by U.S. District Court Judge Jed Rakoff. The judge initially refused to sign off on the deal, openly questioning why the commission would agree to such a deal if the charges against Bank of America were true. He later went further, saying the settlement "does not comport with the most elementary notions of justice and morality" because it subjects shareholders to a monetary penalty for the bank's alleged misconduct.

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