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August Rental Update: Rental Hall of Fame, Heavy Equipment Rentals, new site for RSC, and more
For more details on the available courses, visit www.sunbeltrentals.com/CustomerService/Safety.aspx. Customized training classes on scaffolding, aerial work platforms (AWPs) and forklifts, and other safety topics also are available.
Terex proposes settlement to SEC investigation
Terex, Westport, CT, made a proposed settlement to the Securities and Exchange Commission (SEC) about the commission’s investigation of accounting regarding certain transactions between the company and United Rentals, Greenwich, CT., in 2000 and 2001.
Terex had previously disclosed that the SEC has been conducting a private investigation. This investigation is presently focused on the circumstances of the restatement of certain Terex financial statements for the years 2000-04 and the accounting for certain transactions between Terex and United Rentals that took place in 2000 and 2001, and one transaction between United Rentals and a Terex subsidiary that took place in 2001, before that subsidiary was acquired by Terex. Terex says it is cooperating with the SEC on the matter and has furnished the SEC with the information requested.
Under the terms of the proposed settlement, Terex would consent, without admitting or denying the allegations of the SEC’s complaint, to an injunction against committing or aiding and abetting any future violations of the anti-fraud, books and records, reporting and internal control provisions of the federal securities laws and related SEC rules. Terex also would agree to pay a civil penalty and has taken a reserve in the amount of $8 million.
The proposed settlement, if approved, resolves all matters relating to the potential liability of Terex with respect to the SEC investigations. Current or former employees of Terex, including its CEO, Ronald DeFeo, who also served as a member of United Rental’s board and audit committee, are not addressed by this proposed settlement. At this time, Terex does not know whether the SEC will commence additional proceedings in the future against any individuals on any of the matters under review by the SEC staff.