Total Saves $391M For Possible Settlement Over Iran Deals

Law360, New York (August 3, 2012, 10:16 PM EDT) -- Total SA has reserved €316 million ($391 million) for the possible settlement of an investigation by U.S. regulators and prosecutors into whether it had offered bribes to Iranian officials in violation of the Foreign Corrupt Practices Act, the French oil and gas exploration giant said in a regulatory filing Wednesday.

The company said its settlement talks since 2010 with the U.S. Securities and Exchange Commission and the U.S. Department of Justice are speeding up and have produced draft agreements to which Total may agree, according to...
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