BAE To Pay Record $79M Fine For Export Violations

Law360, New York (May 17, 2011, 1:25 PM EDT) -- U.K.-based military contractor BAE Systems PLC agreed Monday to pay $79 million, the largest fine in the history of the U.S. Department of State, to settle civil allegations of export control violations, a year after the company pled guilty in related criminal cases.

According to the State Department, BAE, the largest military contractor in Europe, committed 2,591 violations of the Arms Export Control Act and the International Traffic in Arms Regulations, including unauthorized brokering of U.S. defense articles and failure to maintain proper records.

In February...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.