Bisys Group Inc. has agreed to a $25.1 million settlement with the Securities and Exchange Commission to close an investigation into its financial restatements.
This is the Roseland, N.J., firm's second large settlement with the SEC in the past three months. In September, Bisys Fund Services Inc., its mutual fund administration arm, agreed to pay the agency $21.4 million for its role in helping 27 mutual fund advisers defraud investors. The SEC is still investigating the 27 advisers.
The latest settlement was announced Friday. If it is approved by the SEC, it would end a probe into Bisys' restatement of financial results filed Aug. 10, 2004, and April 26 of this year.
Among other things, Bisys agreed to refrain from future reporting violations and to follow internal-controls provisions of federal securities laws and related SEC rules.
Bisys also reached a tentative agreement to settle a class action and related action pending against the company and some former officers and directors in October. The lawsuit concerned claims about the company's financial disclosures, including allegations about restatements filed in 2005 and 2006.
