Siemens Marks €1B For Settlements

Law360, New York (November 5, 2008, 12:00 AM EST) -- Siemens AG will take an approximately €1 billion ($1.3 billion) charge in fiscal year 2008 in connection with the settlement it is trying to reach to end bribery and corruption allegations by German and U.S. authorities, the company announced Wednesday.

The estimate of €1 billion is based on the status of discussions currently under way with both countries' regulators, the German electronics giant, declining to comment further.

Bribery and fraud accusations have been leveled at several former Siemens managers. In April, the law firm Debevoise &...
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