Bisys To Pay $25M To Settle Reporting Allegations

Law360, New York (May 23, 2007, 12:00 AM EDT) -- Financial support service provider Bisys Group Inc. will pay about $25 million to settle U.S. Securities and Exchange Commission allegations that former officers and employees overstated financial reports over several fiscal years, the SEC said Wednesday.

The settlement, which was tentatively reached in November, allows Bisys to settle the allegations without admitting or denying the allegations.

The SEC's complaint, which was filed Wednesday in the U.S. District Court for the Southern District of New York, alleges that from July 2000 through December 2003 former officers and...
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