Innospec Settles Bribery, Embargo Claims For $40M

By Ben James

Law360, New York (March 18, 2010, 5:39 PM ET) -- Innospec Inc. has agreed to pay $40.2 million to resolve civil and criminal cases in the U.S. and U.K., pleading guilty on Thursday to defrauding the United Nations, bribing officials in the Iraqi Ministry of Oil and violating the U.S. embargo against Cuba.

Innospec pled guilty in the U.S. District Court for the District of Columbia to a 12-count information alleging wire fraud connected to the payment of kickbacks to the former Iraqi government under the U.N.'s Oil for Food program and Foreign Corrupt Practices Act...
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