Alcoa Settles Alba's $1B Racketeering Suit For $85M

Law360, New York (October 9, 2012, 3:38 PM EDT) -- Alcoa Inc. said Tuesday that it had settled a $1 billion racketeering suit brought by a state-owned Bahraini smelter alleging the aluminum giant bribed Bahraini government officials and forced the smelter to overpay on its contracts by millions of dollars.

Without admitting any liability, Alcoa said it has agreed in Pennsylvania federal court to hand over $85 million in cash to Aluminium Bahrain BSC, also known as Alba, payable in two installments. Half the money will be paid now, while the other half of the settlement...
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