UPDATE 1-Terex proposes settlement with SEC, to pay fine

NEW YORK May 27 (Reuters) - Terex Corp (TEX.N) has proposed a settlement with the Securities and Exchange Commission staff that includes an $8 million civil penalty, to settle an investigation over accounting practices and financial statements.

The SEC's investigation focused on financial restatements for the years 2000 through 2004 and the accounting of transactions between Terex or a subsidiary and United Rentals Inc (URI.N).

The proposed settlement with SEC staff remains subject to approval by SEC commissioners, Terex said in a regulatory filing on Wednesday. (Reporting by Nick Zieminski; Editing by Derek Caney)