Judge signs off on IBM foreign bribery settlement
IBM can breathe a sigh of relief now that a two-year-old settlement agreement has finally gotten approval from a judge.
July 26, 2013 at 06:03 AM
2 minute read
The original version of this story was published on Law.com
IBM can breathe a sigh of relief now that a two-year-old settlement agreement has finally gotten approval from a judge.
The case centered on accusations by the Securities and Exchange Commission (SEC) that Big Blue engaged in illegal bribery in China and Korea, in violation of the Foreign Corrupt Practices Act (FCPA).
Judge Richard Leon, who yesterday approved the settlement, first received the proposed agreement from the SEC in March 2011. But, at the time, Leon had refused to approve it until IBM submitted reports to both him and regulators about its possible wrongdoing.
In the hearing yesterday, Leon said he believes the company “has learned its lesson and is moving in the right direction to ensure this never happens again.”
Read more about this story on Bloomberg.
For more FCPA stories on InsideCounsel, see:
Regulatory: Avoiding an FCPA or anti-bribery charge after uncovering corruption
GlaxoSmithKline admits executives may have violated Chinese law with bribes
Regulatory: Investigating potential bribery means looking beyond the FCPA
DOJ dusts off little-used Travel Act to strengthen FCPA prosecutions
Regulatory: Minimizing the FCPA risk associated with third party agents
Regulatory: Federal agencies target new industries for FCPA enforcement
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