Siemens Unit Pays $10M To Settle NYC Contract Fraud Rap

Law360, New York (January 14, 2013, 5:53 PM EST) -- Siemens Electrical, a unit of Siemens AG, agreed to pay $10 million to settle claims that a corporate predecessor made illegal boasts about its qualifications in winning more than $234 million with of electrical work contracts with New York City, prosecutors said Monday.

The Siemens Electrical settlement, which included a deferred prosecution agreement, came as two men and their company, Schlesinger Electrical Contractors Inc., were indicted on fraud and conspiracy charges, according to the Manhattan District Attorney's Office.

The alleged misconduct took place between 2005 and...
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