Avon Says Proposed FCPA Settlement Too Steep

Law360, New York (October 31, 2013, 1:55 PM EDT) -- Avon Products Inc. said Thursday that its recent $12 million offer to settle Foreign Corrupt Practices Act allegations was met with a significantly higher counterproposal by the U.S. Securities and Exchange Commission that could hurt the company’s bottom line.

Avon, which made the $12 million offer to the SEC and U.S. Department of Justice in June only to see the deal rejected, said the SEC had come back with a proposal “that included monetary penalties of a magnitude significantly greater than our earlier offer.”

“We disagree...
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