Chancery Court Tosses Qualcomm Suit Over Alleged Illegal Payments
The Delaware Court of Chancery on June 16 dismissed a derivative lawsuit accusing the directors of Qualcomm Inc. of allowing bribes to Asian officials that lead to a $7.5 million fine for violating the Foreign Corrupt Practices Act.
June 19, 2017 at 01:44 PM
6 minute read
The Delaware Court of Chancery on June 16 dismissed a derivative lawsuit accusing the directors of Qualcomm Inc. of allowing bribes to Asian officials that lead to a $7.5 million fine for violating the Foreign Corrupt Practices Act.
Vice Chancellor Tamika Montgomery-Reeves ruled June 16 that investors in the telecommunications behemoth had failed to support claims that the Qualcomm board had intentionally ignored warning signs that the company was not complying with the law, which bars payments to foreign government officials in exchange for overseas business.
The payments, which took place between 2002 and 2012, were directed to Chinese and Korean officials and resulted in a $7.5 million settlement with the U.S. Securities and Exchange Commission in 2016.
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