In its Complaint, the SEC stated that: "This action arises out of widespread improper accounting practices at BISYS, a leading provider of financial products and support services. As a result of these practices BISYS's reported income for fiscal years 2001 through 2003 was overstated by approximately $180 million. The improper accounting practices were primarily based in the company's Insurance Services division, but also occurred in other divisions."

On February 22, 2012, the SEC announced that it had filed a motion seeking "court approval of a plan to distribute the approximately $25 million available for distribution to investors harmed by the conduct" alleged in the case. Under the Distribution Plan, "the available funds will be distributed to shareholders who acquired and held BISYS stock during the period beginning on October 23, 2000 and ending on April 22, 2004."

On May 29, 2012, the SEC announced that the Hon. Richard J. Sullivan issued an order on May 21, 2012 approving the SEC's proposed plan of distribution in SEC v. The BISYS Group, Inc. According to the SEC: "Pursuant to the court's order approving the Plan, A.B. Data, Ltd., the claims administration firm that served as the court-appointed claims administrator in a parallel class action, In re BISYS Securities Litigation, 04-Civ-3840 (JSR) (S.D.N.Y.) (the 'Class Action'), will implement the Plan and administer the distribution." The distribution plan covers, among other things, the approximately $25 million BISYS paid in settlement of the matter.