Pride Sets Aside $56M For Possible FCPA Settlement

Law360, New York (February 17, 2010, 4:31 PM EST) -- Pride International Inc. has set aside $56.2 million for a possible settlement with the federal government over allegations that the oil rig operator illegally bribed foreign officials to secure drilling contracts and customs clearance.

The Houston-based company said Tuesday that the amount represents its best estimate of potential fines, penalties and disgorgement involved in settling the matter with the U.S. Department of Justice and the Securities and Exchange Commission.

Pride said it accrued the funds in the fourth quarter of 2009 in anticipation of a possible...
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