Thursday, March 3, 2005

Another FCPA Settlement Agreement

Yesterday's post included a report on a Foreign Corrupt Practices Act (FCPA) settlement (including civil and criminal claims) for Titan Corp.  Today we see yet another FCPA settlement. The Department of Justice issued a press release titled, "Micrus Corporation Enters into Agreement to Resolve Potential Foreign Corrupt Practices Act Liability." The government will not be prosecuting Mircus because of the remedial action taken by the company and its voluntary disclosure. But the settlement will cost Mircus time and money.  The agreement provides that Mircus:

"In exchange for the Department’s agreement not to prosecute Micrus for the conduct disclosed by Micrus to the Department, Micrus agrees, among other things, to:

Accept responsibility for its misconduct;

Fully and affirmatively disclose to the Department activities that Micrus believes may violate the FCPA, and continue to cooperate with the Department in our investigation;

Agree that a statement of facts summarizing the subject transactions is materially accurate and agree not to contradict those facts;

Pay a monetary penalty to the United States of $450,000;

Adopt an FCPA compliance program, where previously it had none, as well as a set of internal controls designed to prevent violations in the future; and

Retain an independence compliance expert for a period of three years to ensure the company’s compliance program and internal controls are effective."


FCPA | Permalink