Terex To Pay $8M To Settle SEC Fraud Suit

Law360, New York (August 12, 2009, 6:43 PM EDT) -- Construction equipment manufacturer Terex Corp. has agreed to pay $8 million to settle allegations by the U.S. Securities and Exchange Commission of accounting fraud in four transactions between Terex and United Rentals Inc. from 2000 to 2001 and in Terex's financial statements from 2000 to 2004.

The SEC filed suit Wednesday in the U.S. District Court for the District of Connecticut, accusing Terex of aiding and abetting a fraudulent accounting scheme involving two sale-leaseback transactions with United Rentals.

The leasebacks allowed United Rentals to recognize revenue...
To view the full article, register now.