ABB To Pay $58.3M For Bribing Mexican Officials

Law360, New York (September 30, 2010, 3:41 PM EDT) -- Two ABB Ltd. subsidiaries have agreed to fork over $58.3 million to settle charges that they bribed government officials in Mexico in order to secure electrical equipment and services contracts worth nearly $100 million.

The payout comes after ABB Inc. pled guilty Wednesday to one count of conspiracy to violate the anti-bribery provisions of the U.S. Foreign Corrupt Practices Act and one count of violating the anti-bribery provision of the FCPA.

ABB Ltd., meanwhile, has agreed to a deferred prosecution agreement that includes provisions related to...
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