Philips Pays $5M To Settle SEC Suit Over Polish Bribes

Law360, New York (April 9, 2013, 7:55 PM EDT) -- The U.S. Securities and Exchange Commission said Friday that electronics behemoth Koninklijke Philips Electronics NV has agreed to pay more than $4.5 million to settle allegations that its Polish unit, Philips Polska, bribed health care officials in Poland.

The SEC directed Philips to disgorge $3.12 million, along with prejudgment interest of $1.39 million, to the U.S. Treasury within 10 days, and instructed it to refrain from further violations of the Securities Exchange Act of 1934.

The commission says the Foreign Corrupt Practices Act violations took place from...
To view the full article, register now.