Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile1 entries
2020
BorgWarner agrees to SEC settlement over asbestos liabilities
Settlement
BorgWarner agreed to pay $950,000 in a settlement with the U.S. Securities and Exchange Commission (SEC) over allegations that it failed to calculate and report $700 million in future asbestos liability claims. The SEC said the company misstated financial statements from 2012 to 2016 by failing to account for certain asbestos liabilities.
BorgWarner agreed to pay $950,000 in an SEC settlement over allegations that it failed to calculate and report $700 million in future asbestos liability claims. The SEC said the company misstated financial statements from 2012 to 2016 by failing to account for certain asbestos liabilities.
Source excerpt
BorgWarner was found by the SEC to have misstated its financial statements from 2012 to 2016 “by failing to account for certain asbestos liabilities,” the agency said in a
Michigan-based car parts manufacturer BorgWarner has agreed to pay $950,000 as part of a settlement with the Securities and Exchange Commission (SEC) for allegedly failing to calculate and report $700 million in future asbestos liability claims.