Request Legal Help Now - Free

Advertisement
LAWSUITS NEWS & LEGAL INFORMATION

Bisys Group Inc.

Roseland, NJ: (May-23-07) The Securities and Exchange Commission filed charges against Bisys Group Inc., a financial services provider, alleging that the company violated financial reporting rules in a way that inflated earnings by some $180 million over three years.

In a settlement reached, Bisys Group agreed to pay $25 million in restitution to settle the federal regulators' charges. The settlement followed a tentative agreement, which the company and the agency's enforcement staff negotiated in November 2006. Bisys agreed to pay $25 million in restitution and interest, which will go to investors deemed to have been harmed by its alleged improper accounting between July 2000 and December 2003, especially related to its insurance services division.

In an earlier case with the SEC, company subsidiary Bisys Fund Services Inc., a mutual fund administrator, agreed in September 2006 to pay $21.4 million in a settlement with the agency for its alleged role in helping 27 mutual fund advisers defraud investors. SEC officials said it was the agency's first case highlighting the role of mutual fund administrators helping investment advisers illegally use fund assets to pay marketing expenses as mutual fund investors unknowingly paid millions of dollars for marketing of their funds resulting from the company's misconduct. [FORBES: REPORTING RULES]


Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
Published on May-24-07


ADD YOUR COMMENT ON THIS ISSUE

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free