IBM To Pay $10M To End SEC's Asian Bribery Suit

Law360, New York (March 18, 2011, 3:33 PM EDT) -- IBM Corp. agreed Friday to fork over $10 million to settle allegations by the U.S. Securities and Exchange Commission that its affiliates made improper payments to government officials in South Korea and China.

The proposed settlement, which must be approved by the court, was filed in the U.S. District Court for the District of Columbia. The SEC, which also filed its complaint Friday, accuses IBM of violating the Foreign Corrupt Practices Act.

Under the proposed settlement, IBM agreed to pay disgorgement of $5.3 million, $2.7 million...
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