Novo Settles Danish Oil-For-Food Probe For $5.7M

Law360, New York (June 26, 2009, 12:00 AM EDT) -- Less than two months after reaching an $18 million settlement with U.S. regulators over the Oil-for-Food scandal, Novo Nordisk A/S said Friday that it would pay 30 million Danish kroner ($5.7 million) to resolve Danish prosecutors' similar claims that the company paid illegal kickbacks to the former government of Iraq.

The Denmark-based pharmaceutical company reached the deal with the Danish Public Prosecutor for Serious Economic Crime to pay back past profits based on sales the company made to Iraq from 2000 to 2003 as part of...
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