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GE says it may face civil action

September 06, 2008|From Times Wire Services

General Electric Co. said it had been informed that the Securities and Exchange Commission might recommend fines and other action for possible violations of securities law related to accounting changes by the company.

GE said in a regulatory filing that the notification, called a Wells notice, was related to issues dating to several years ago concerning GE's accounting for certain derivatives used for hedging interest rate risk as well as other transactions.

The company says it disagrees with a recommendation for civil action and is cooperating with the SEC.

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