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.

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 press release Wednesday.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...