Terex Settles With SEC for $8 Million

NEW HAVEN (CN) - Terex Corp., a heavy equipment manufacturer, will pay $8 million to settle SEC charges of accounting fraud and aiding and abetting accounting fraud at United Rentals, another Connecticut company. Terex helped United Rentals "pull off a sophisticated accounting scheme," so both publicly traded companies could inflate their financial performance, the SEC said.

The SEC charged United Rentals with fraud in 2008, and also has charged officials of both companies, the agency said in a statement.

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