IPG Pays $12m to Settle SEC Case

02 May 2008

NEW YORK: Interpublic Group has confirmed the settlement of a US Securities Exchange Commission investigation into its accounting practices.

The advertising agency conglomerate has agreed to pay a $12 million (€7.75m; £6.04m) fine over accusations that its McCann Erickson flagship unit fraudulently misstated its results by inaccurately reporting transactions.

The probe, which began in 2002, has been settled without McCann or IPG admitting or denying the claims.

Data sourced from New York Times; additional content by WARC staff