Ingersoll-Rand To Pay $6.7M Over Oil-For-Food

Law360, New York (October 31, 2007, 12:00 AM EDT) -- Ingersoll-Rand Co. Ltd. has agreed to pay $6.7 million to settle charges brought by federal authorities in the scandal related to the United Nations' oil-for-food program.

The commercial products manufacturer said in a statement Wednesday that it had reached settlements with the U.S. Securities and Exchange Commission and the U.S. Department of Justice relating to payments made in 2000-2003 by foreign subsidiaries in connection with the program.

Under the terms of the settlements, Ingersoll-Rand will pay a total of $6.7 million in penalties, interest and disgorgement...
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