Dell announced back in June that it's set aside a $100 million reserve fund for a potential settlement, and it looks like it's now finally going to have to use it -- a federal judge has today approved a settlement with the government for that very amount in a long-standing civil fraud case brought by the SEC. Of particular note, CEO Michael Dell himself has agreed to pay a $4 million fine, although neither he nor the company has actually admitted to any wrongdoing in the settlement. Dell did say that the company is committed to implementing the range of reforms it's promised, however, and adds that "we will certainly live up to all the commitments in the settlement." As for the SEC, attorney John Worland says that the settlement is "appropriate," and he notes that there isn't any evidence that Dell intended to defraud.Dell reaches $100 million settlement in SEC fraud case originally appeared on Engadget on Thu, 14 Oct 2010 18:17:00 EDT. Please see our terms for use of feeds.
Permalink |
AP | Email this | Comments
INTERSECTIONS INTERNATIONAL RECTIFIER INTERNATIONAL GAME TECHNOLOGY INTERNATIONAL BUSINESS MACHINES (IBM) INTERDIGITAL COMMUNICATIONS
