IBM said on Monday that it had agreed to pay $7 million as part of a settlement of a federal regulatory investigation involving Dollar General’s 2000 financial statements, Reuters reported.
IBM said that it neither admitted nor denied wrongdoing in the settlement with the Securities and Exchange Commission. But it consented to the entry of an SEC administrative order directing it not to violate certain provisions of the federal securities laws and related SEC rules, Reuters reported.
Dollar General is a client of International Business Machine’s retail store services unit, which sells point-of-sale products, IBM said, according to Reuters.
In 2004, IBM disclosed that regulators might take civil action against it for violating securities laws related to accounting transactions dating back to 2000 by Dollar General, Reuters reported.-New York State Society of Certified Public Accountants
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