Monsanto Co. will pay $80 million to settle a U.S. regulator's claims that the company improperly accounted for certain expenses tied to customer rebates for weed-killer Roundup.
The world's biggest seed company booked revenue from the discount program without properly recognizing all of its costs, the Securities and Exchange Commission said in a statement Tuesday. Three accounting and sales executives also agreed to pay penalties to settle allegations against them, the agency said.
SEC Chair Mary Jo White made enforcing accounting rules a priority when she joined the agency in 2013 after the number of such cases declined in previous years. In June, the regulator fined Computer Sciences Corp. $190 million for manipulating financial results and clawed back pay from former executives.
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