Alcoa Floats Deal In $1B Bahraini Racketeering Suit

Law360, New York (July 10, 2012, 6:50 PM EDT) -- Alcoa Inc. said Monday that it had offered a Bahraini smelter $45 million to settle a $1 billion racketeering suit alleging the aluminum giant bribed Bahraini government officials and forced the smelter to overpay on its contracts by millions of dollars.

State-owned Aluminium Bahrain BSC, also known as Alba, accused Alcoa in Pennsylvania federal court of bribing Bahraini officials over the course of 15 years in order to force Alba to pay inflated prices for alumina, an ingredient used to make aluminum. A judge refused to...
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.