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November 15, 2009

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$10 million offered to settle investigation

Wednesday, May 26, 2004 | 8:53 a.m.

Computer Associates International Inc. offered $10 million to settle a two-year government investigation into the software company's accounting practices, Chief Financial Officer Jeffrey Clarke said.

The company recorded an expense for the potential settlement in its fourth-quarter results released today, Clarke told reporters in Las Vegas. The Islandia, N.Y.-based company said the government hasn't accepted or rejected the offer.

An agreement with the U.S. Justice Department and Securities and Exchange Commission would end probes that led to the firing of 14 executives and the resignation last month of chief executive Sanjay Kumar. Computer Associates in April restated $2.2 billion of revenue for 2000 and 2001 after an internal probe found sales were booked prematurely to help bolster results.

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