Exporter Flowserve Settles US Sanctions Breach For $2.5M

Law360, New York (October 4, 2011, 3:40 PM EDT) -- Flowserve Corp. and 10 foreign affiliates reached a $2.5 million settlement Monday with a U.S. Department of Commerce bureau over claims the exporter violated Export Administration Regulations by engaging in unlicensed trade with Iran and Syria.

The Texas-based company had faced 288 allegations of violating the rules by making unlicensed exports and re-exports of pumps, valves and related components to Iran, Syria and other countries, according to Commerce's Bureau of Industry and Security.

“Today's settlement reflects the serious consequences that result when companies do not comply...
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