Novo Nordisk To Pay $18M In Oil-For-Food Cases

Law360, New York (May 11, 2009, 12:00 AM EDT) -- Denmark-based Novo Nordisk A/S has agreed to pay more than $18 million for allegedly paying illegal kickbacks to the former government of Iraq, the U.S. Department of Justice and U.S. Securities and Exchange Commission announced Monday.

The pharmaceutical company agreed to pay a $9 million penalty as part of a deferred prosecution agreement in the Oil-for-Food case, the DOJ said Monday.

Novo's deal with the SEC calls for it to pay $3.025 million in civil penalties and about $6 million in disgorgement of profits, including prejudgment...
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