Back in July, we mentioned that Dell had proposed a settlement to the SEC for alleged fraudulent accounting practices. That settlement had to go before the judge for approval before Dell could move on. Bloomberg reports that a US Judge has now given the settlement deal his nod of approval.
The charges of accounting fraud were brought against Dell by the SEC and company founder Michael Dell will pay $4 million of the fine out of his own pocket. The row started over the failure of Dell to notify investors that so-called exclusivity payments were in part responsible for the financials reported.
Those payments were made to Dell by Intel to keep Dell from using AMD processors in its line of computers. Former Dell CEO Kevin Rollins will pay $4 million and James Schneider; another former Dell CEO will pay $3 million in fines.