Agco To Pay $20M To Quell Iraq Kickback Claims

Law360, New York (September 30, 2009, 5:12 PM EDT) -- Agricultural equipment maker Agco Corp. has agreed to pay $18.3 million to resolve a U.S. Securities and Exchange Commission suit alleging that Agco subsidiaries shelled out almost $6 million in kickbacks to win supply contracts for farm machinery and spare parts to Iraq under the United Nations' Oil-for-Food program.

Agco also came to terms with the U.S. Department of Justice and Danish authorities. Under a deferred prosecution agreement with the Justice Department, Duluth, Ga.-based Agco will pay $1.6 million, and the Danish State Prosecutor for Serious...
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