Pension Fund Fights SEC’s Proposed VeriFone Deal

Law360, New York (November 5, 2009, 3:31 PM EST) -- A pension fund that sued VeriFone Holdings Inc. for allegedly overstating its income for three 2007 quarters by more than $37 million is opposing the U.S. Securities and Exchange Commission’s proposed settlement related to the alleged fraud.

The National Elevator Industry Pension Fund said in an amicus brief filed Wednesday in the U.S. District Court for the Northern District of California that the SEC’s proposed settlement of its claims against VeriFone and its former supply chain controller Paul Periolat “threatens to undermine the letter and spirit...
To view the full article, register now.