On Feb. 6, 2012, UK-based medical device company Smith & Nephew settled a civil and criminal investigation of alleged violations of the Foreign Corrupt Practices Act (FCPA) by agreeing to pay a total of $22.6 million and committing to certain measures designed to reduce the possibility of repeat conduct. Specifically, the company agreed with the DOJ that it will pay a $18.6 million penalty, implement rigorous internal controls, cooperate with the DOJ and retain a compliance monitor for 18 months. The company settled a related SEC civil investigation by agreeing to disgorge profits and pay prejudgment interest in the amount of $5.4 million. The Smith & Nephew settlement is the latest episode in the government's continuing pursuit of medical device and pharmaceutical companies for potential FCPA violations.
Read the complete article at the McGuireWoods blog Bribery Library, which provides commentary on the UK Bribery Act and its impact on international business.
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