In $25.1M Deal, Bisys Buries Hatchet With SEC

Law360, New York (November 6, 2006, 12:00 AM EST) -- Bisys Group Inc. said on Friday it would fork over $25.1 million to settle an investigation into its financial restatements, just one month after the beleaguered mutual fund administrator shelled out $21.4 million for its role in a fraudulent kickback scheme that allegedly netted hundreds of millions of dollars.

Bisys said staff at the U.S. Securities and Exchange Commission have agreed to recommend that the agency accept the company’s settlement offer, which would put an end to the probe into Bisys' restatements of financial results filed...
To view the full article, register now.