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Dell’s $100 million settlement proposal to SEC on fraud charges

Dell in a statement announcing that “it has proposed settlements to U.S. Securities and Exchange Commission “on terms consistent with the settlement framework described in the company’s quarterly report on Form 10-Q for its fiscal quarter ended April 30, 2010.” The company is under investigation by SEC for nearly five years for suspicion of negligence, fraud, and misconduct in company’s deals with Intel.

“This settlement would involve a civil injunctive action against company for alleged violations of certain federal securities laws, including antifraud provisions of federal securities laws, relating to certain accounting and financial reporting matters. The settlement would also include non-scienter (negligence) based fraud charges, as well as other non-fraud based charges, relating to company’s disclosures and alleged omissions prior to fiscal 2008 regarding certain aspects of its commercial relationship with Intel Corp. Dell has recorded a liability as of April 30, 2010 for a potential settlement of $100 million covering these matters…With respect to Mr. Dell, the remedies under such a settlement would include injunctive and monetary relief, but wouldn’t include any bar against his service as an officer and director of a public company.”

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