Textron To Pay $4.6M To Settle Iraq Kickback Claims

Law360, New York (August 23, 2007, 12:00 AM EDT) -- Industrial company Textron Inc. will shell out $4.6 million to settle claims that it paid kickbacks to Iraqi officials to secure business under the UN's oil-for-food program.

The Rhode Island-based company said in a statement Thursday it had agreed to fork out the money to resolve corruption allegations brought by both the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

The SEC said two French subsidiaries of Textron made more than $650,000 in illicit payments as part of its contract to sell humanitarian...
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