It only took seven years, but on Tuesday the SEC finally took General Electric Co. to task for reporting materially false results in financial statements in 2002 and 2003. The company agreed to pay $50 million to settle SEC allegations that it misled investors, but GE did not admit or deny wrongdoing. The company wrote a much bigger check to the lawyers and accountants who investigated the alleged wrongdoing: roughly $200 million, according to a GE statement.
GE Pays $50 Million to SEC, $200 Million to Lawyers and Accountants
The American Lawyer
August 5, 2009