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BISYS Offers to Settle With SEC on Restatements

BISYS has made an offer to the Securities and Exchange Commission to settle charges related to financial restatements filed Aug. 10, 2004 and April 26, 2006. If the SEC and the court overseeing this case accept the settlement, BISYS will pay $25.1 million.

The settlement also requires BISYS to refrain from violating the reporting, books, records and internal controls provisions of federal securities laws and SEC rules.

"We have been cooperating fully with the SEC staff throughout the course of their investigation and are pleased to have reached this proposed settlement," said Robert Casale, chairman and interim CEO and president of BISYS. "As an organization, we are committed to holding ourselves up to the highest ethical standards."

This comes on the heels of a September settlement that BISYS reached with the SEC related to giving kickbacks to fund companies to secure their fund administration business. In that agreement, BISYS agreed to pay $21.4 million.

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