IBM Settles SEC Probe of Options Report
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BOSTON -- An investigation of IBM Corp. by the Securities and Exchange Commission ended Tuesday without penalty, although the government found that the technology company misled analysts about employee stock-option expenses in 2005.
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Deutsche Bank Securities has agreed to pay $87.5 million to settle allegations that it issued stock research that was biased by its investment-banking business, regulators announced Thursday, as part of a crackdown on conflicts of interest on Wall Street.
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IBM Corp. and plaintiffs challenging the legality of its pension plan agreed to a deal Wednesday that settles most claims and caps the company&#39;s potential liability at $1.
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IBM Corp. said Wednesday it will take a $320 million charge this quarter to settle some claims and cap its liability on others in a long-running class-action dispute about changes made in the 1990s to its pension plan.
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IBM on Wednesday said it will  take a third-quarter charge of $320 million to settle all but  two claims of an ongoing lawsuit claiming its pension plan  discriminated against older workers, in exchange for capping  its potential liability at $1.4 billion.
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McAfee has taken two major steps toward closing the stock-option backdating scandal that has plagued the company for the past two years.On Friday, the security vendor filed 10 years&#39; worth of restated financial reports, a process that was set off by the scandal. The company also said it had reached a tentative settlement in a class-action lawsuit relating to its accounting practices.Charges for the restatement will be $137.4 million. McAfee has also set aside $13.8 million to cover lawsuits filed in 2006 on behalf of McAfee shareholders, the company said in a statement released on Friday.McAfee is one of more than 100 U.S. companies that have been investigated by the U.S. Securities and Exchange Commission (SEC) for improper backdating of options. In backdating, companies would alter the date that stock options grants were made to certain employees so they could be purchased at a lower price and ultimately sold by the employee at a greater profit. The practice, while not illegal, was often improperly disclosed in regulatory filings, leading to SEC investigations of many high-profile companies, including Apple, Dell and Broadcom.Earlier this year, McAfee&#39;s former legal counsel, Kent Roberts, was indicted on fraud charges related to the scandal.The restated reports cover the period from 1995 until the first quarter of McAfee&#39;s fiscal 2006 year. The company has also filed 10-Q reports for the first three quarters of its fiscal 2007 year, putting it up-to-date with the SEC for the first time since March 2006.
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Two California technology companies resolved civil charges related to tampering with stock option awards, agreeing to hand over millions of dollars, the first financial penalties that regulators have imposed in a vast corporate-pay investigation.
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Information technology giant IBM said it agreed to pay 65 million dollars to settle a class action lawsuit concerning overtime pay.
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The Securities and Exchange Commission reached a settlement today with the Walt Disney Company over the company&#39;s failure to disclose its relationships with various board members as well as with an airline controlled by a director.
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Electronic Data SystemsÂ (EDS) has agreed to pay $490,902 to settle a U.S. Securities and Exchange Commission investigation into accounting irregularities, the agency said Tuesday.
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International Business Machines Corp.  has settled for an undisclosed sum part of a potentially multi-billion-dollar lawsuit over its pension plan, a Wednesday court filing shows.
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Janus Capital Management agreed Wednesday to pay $100 million to settle allegations by the US Securities and Exchange Commission that the mutual fund company permitted &quot;market timing,&quot; a trading practice at the heart of the mutual fund scandal.
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(InfoWorld) - Rambus will pay $18 million to settle a class-action lawsuit over stock-option accounting. The suit was filed last year on behalf of shareholders afterÂ the audit committee of Rambus's board of directors found that the company had improperly accounted for stock-option grants. Under the settlement, which still needs court approval, all claims against all defendants in the case would be dismissed, according to the company. The audit committee found that option grants to employees had been misdated and the company had improperly accounted for those grants. Rambus had to restate results for 2003 through 2005 and the first quarter 2006 as a result of the investigation. Rambus, in Los Altos, California, makes memory technology. Last month, Rambus settled its own suits against all but one former executive for more than $6.5 million. As part of that deal, claims were dropped against all the former executives except Ed Larsen, former vice president of human resources and senior vice president of administration, who worked for the company from 1996 to 2004. Rambus was one of scores of technology companies, including Apple, McAfee, and Broadcom, that have been embroiled in controversy surrounding accounting for backdated stock options. Many companies used backdating to try to give new employees a greater windfall when they exercised their options.
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NEW YORK -- IBM Corp. agreed to a deal Wednesday that all but settles a case in which 140,000 workers claimed the computer giant&#39;s pension plan discriminated against older workers.
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San Francisco-based RS Investment Management agreed to pay $30 million to settle an allegation that it permitted &quot;excessive&quot; market timing in its mutual funds, New York Attorney General Eliot Spitzer said Wednesday.
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Gamco Investors Inc. said it had offered to settle a S.E.C. investigation into mutual fund share trading.
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IBM will take a $320 million charge this quarter to settle some claims and cap its liability on others in a long-running class-action fight over changes made to its pension plan in the 1990s.