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Univ. of Toledo College of Law

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Friday, April 13, 2007

Former Computer Associates CEO Agrees to $800 Million Restitution

Sanjay Kumar, former CEO of Computers Associates agreed to pay $800 million in restitution to investors to conclude the civil fraud action against him, based on the company's accounting fraud in 1999-2000.  It is unlikely that most of the money will be paid, however.  He will turn over about $52 million this year and is going to prison to serve a 12-year sentence on the criminal charges.   See NYTimes, Ex-Executive Agrees to Pay $800 Million in Restitution

http://lawprofessors.typepad.com/securities/2007/04/former_computer.html

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