Crisis Legal NewsClick here to add this website to your favorites
  rss
Crisis News Search >>>



General Motors Corp. escaped from a federal accounting probe without penalty Thursday when the Securities and Exchange Commission settled charges that GM's mistakes violated federal laws.


The Detroit automaker will not be fined and did not admit or deny the allegations. The charges involved "materially misleading disclosures" dating back to 2000 about how much money GM was earning on its pension fund investments, errors in accounting for derivatives, and improper accounting for the sale and repurchase of precious metals.

GM, which received a $13.4 billion loan commitment from the federal government last month to keep it out of bankruptcy, had been forced to restate earnings from 2000 through 2006.

The company said in a statement that the SEC never alleged fraud or other intentional violations.

The SEC and GM both said the settlement, which must be approved by a U.S. District Court judge in Washington, ends all outstanding SEC investigations of GM. An SEC civil complaint filed with the court asks for an order telling GM not to violate accounting laws again.

"It's a sin-no-more injunction," said Peter Henning, a former SEC attorney who teaches at the Wayne State University Law School in Detroit. "It's a books-and-records reporting case, not a securities fraud case."

The deal resolves an SEC investigation that began in 2004 as part of a wide-ranging examination of pension accounting practices at a number of big companies.

The violations, Henning said, came during a time when many companies pushed the limits of securities laws with their accounting methods, at times overstating items like pension fund earnings.


© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
www.mishalilaw.com
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Car Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
www.mjmlawoffice.com
CPA Accounting Web Design
Finanace Office Web Designs
www.webpromo.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
www.andrewschwartzlaw.com
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
www.onulawfirm.com
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer
www.willamettevalleybankruptcy.com