Fairfield-based General Electric Co. says it will pay a $50 million penalty to settle government charges that its accounting procedures violated provisions of U.S. securities laws.
The Securities and Exchange Commission opened an investigation into GE’s accounting practices related to four matters in 2002 and 2003.
Those include its since-discontinued commercial paper hedging program, certain year-end rail business transactions and certain swap derivatives where fees were paid or received at inception.
GE says it has previously corrected these matters in financial statements filed with the SEC between May 2005 and February 2008.
ADVERTISEMENT
The company agreed to pay the civil penalty without admitting or denying allegations. (AP)
