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Computer Sciences Corp. settles with SEC

Associated Press

Computer Sciences Corp. said it will pay $190 million and restate three years of financial results in a proposed settlement with the Securities and Exchange Commission.

The SEC began a formal investigation in 2011 to look into accounting issues.

The Falls Church, Virginia, company said Monday it has “reached an understanding” with the SEC about a settlement. CSC said the SEC will file an administrative enforcement action against the IT company alleging violations of antifraud, reporting and other securities laws.

CSC said it will neither admit nor deny the allegations.

In addition to paying the $190 million penalty, CSC will restate its financial results for 2012, as well as summary financial results for 2010 and 2011, and begin a review of its compliance policies with an independent consultant.

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