Reported about 9 hours ago
United Parcel Service Inc. has agreed to pay $45 million to settle allegations from the U.S. Securities and Exchange Commission (SEC) regarding improper financial valuations of its freight business. The SEC claimed that UPS did not adhere to generally accepted accounting principles while evaluating its operations, leading to inflated earnings reports. Although UPS did not admit any wrongdoing, it acknowledged a related non-cash goodwill impairment charge in 2020. The settlement is not expected to significantly impact UPS's financial condition.
Source: YAHOO