GE Settles SEC Accounting Fraud Suit For $50M

Law360, New York (August 4, 2009, 4:45 PM EDT) -- General Electric Co. agreed on Tuesday to pay a $50 million fine to the U.S. Securities and Exchange Commission, ending a four-year investigation into alleged accounting fraud in the conglomerate's rail transactions, sales of aircraft spare parts and commercial paper hedging program.

The SEC reached a consent agreement with GE on the same day it filed a complaint in the U.S. District Court for the District of Connecticut alleging the company violated the anti-fraud, reporting, record-keeping and internal controls provisions of federal securities laws.

"GE bent...
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