Services Company Offers To Pay SEC $25 Million

By Staff Writer

November 07, 2006 at 08:37 PM

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A financial services industry support company may be close to ironing out its differences with the U.S. Securities and Exchange Commission.

BISYS Group Inc., Roseland, N.J., says the staff of the SEC has agreed to support a BISYS settlement proposal.

BISYS has offered to address the SEC's concerns about its past recordkeeping practices and internal controls by improving its financial reporting and paying about $25 million in disgorgement and interest.

Before the settlement can take effect, the SEC and a court must approve it, BISYS says.

The settlement would resolve an SEC investigation into BISYS's restatements of financial statements filed with the SEC Aug. 10, 2004, and April 26, 2006.

"We believe that this settlement is in the best interest of BISYS and its shareholders and will allow the company to continue to focus on growing its businesses and pursuing opportunities to maximize shareholder value," BISYS Chairman Robert Casale says in a statement.

BISYS reported in August that it has been exploring strategic alternatives, and some individual investors have speculated that it already may be talking to possible suitors.

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