A three-man panel appointed by the Scottish Premier League and chaired by Lord Nimmo Smith gave out a fine of £250,000 for not disclosing side-letter arrangements during 2000-2011.
But Rangers avoided the harshest possible sanction of losing up to five SPL titles won during that period.
Lennon was in guarded mood, saying: "I believe they were found guilty of paying £47 million over 11 years in non-disclosed payments. Am I surprised at that? No."
Asked about the belief at Ibrox that the club were vindicated by the decision, the former Hoops skipper said: "Maybe that's because they got their own way."
He added: "The way we behave, the way we do our business, has been impeccable and that's the reason why we are in the position we are in."
He was speaking ahead of tomorrow's Scottish Cup quarter-final tie against St Mirren in Paisley, which should see defender Kelvin Wilson return from a migraine after missing the SPL defeat at Motherwell.
Skipper Scott Brown (abductor) and defenders Mikael Lustig (thigh) and Charlie Mulgrew (glute) are all out.