Defendant Name: BISYS Group

Defendant Type: Public Company

Document Reference: LR-22379

Document Details

Legal Case Name SEC v. The BISYS Group, Inc.
Document Name Court Approves Plan of Distribution in BISYS Financial Reporting Case
Document Date 29-May-2012
Document Format Civil Proceeding
Case Number 07-cv-04010
Federal District Court New York, Southern District of New York
Federal District Judge Richard J. Sullivan
Allegation Type Issuer Reporting and Disclosure
Document Summary 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.

Disgorgement & Penalty Information

Resolutions
Fair Funds
Monetary Penalties:

Total Penalty

Individual:     $25,000,000.00 Shared:    

Related Documents:

complaint_07-cv-04010 23-May-2007 Complaint
Complaint
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."
court_doc4_07-cv-04010 18-Jul-2007 Court Docket Document
Final Judgment of Consent Against Defendant The BISYS Group, Inc.
On July 18, 2007, Federal District Judge Kenneth M. Karas entered final judgement against The BISYS Group, Inc. pursuant to The BISYS Group's consent.
LR-22265 22-Feb-2012 Litigation Release
SEC Seeks Court Approval for Plan of Distribution in BISYS Financial Reporting Case
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."

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