Medical transcription and coding services provider MedQuist, Mount Laurel, N.J., has announced it entered into a settlement agreement with the Securities and Exchange Commission over past billing practices. The settlement includes the acceptance of an injunction against the company from violating federal security laws but includes no fines or penalties and no admission or denial of liability or wrongdoing. The company first announced it was under SEC investigation in 2004.
In a news release, the company said it had cooperated with the SEC and is pleased to conclude this matter.
The announcement comes after MedQuist said in December 2008 that it had agreed to pay $6.6 million to settle several whistle-blower civil lawsuits that had been joined by the Justice Department alleging that the company had overbilled the federal government.
Having reached agreements with both the SEC and the Justice Department as well as several stockholder class-action lawsuits, the company said that if the courts approve the pending settlement agreements with the SEC and another class action lawsuit, the company will have completely resolved all class-action litigation and governmental investigation matters arising from the internal review of its historic billing practices.