The SEC has dropped a dispute with Jefferies.

The Securities and Exchange Commission accounting dispute with Jefferies Group Inc. could have reduced its fourth-quarter profit, the company said. The announcement followed company chairman Boyd L. Jefferies' agreement to plead guilty to two felony charges stemming from his stock dealings and to cooperate with authorities investigating wrongdoing by others. Frank Baxter, who took over as head of Jefferies, said Monday's decision by the SEC was unrelated to Boyd Jefferies' actions last week.

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