Lessons From Philips FCPA Settlement Over Polish Bribes

Law360, New York (May 7, 2013, 12:15 PM EDT) -- On April 9, 2013, the U.S. Securities and Exchange Commission issued an administrative order against Netherlands-based Koninklijke Philips Electronics NV, a health care, lifestyle, and lighting manufacturer, imposing a cease-and-desist order and disgorgement as part of a settlement agreement resolving alleged Foreign Corrupt Practices Act’s books and records and internal controls violations. At issue were alleged bribes paid by Philips’ Polish subsidiary, Philips Polska sp. z o.o., to Polish health care officials to secure favorable consideration of public contracts for medical devices.

The Facts

According to...
To view the full article, register now.