Total Expecting To Pay $398M To Settle FCPA Bribery Claims

Law360, New York (April 29, 2013, 5:57 PM EDT) -- French oil and gas giant Total SA on Monday said it had set aside $398 million to pay for an expected settlement with U.S. regulators over possible bribes made to Iranian officials in violation of the Foreign Corrupt Practices Act.

In a filing with the U.S. Securities and Exchange Commission, Total said that U.S. authorities have proposed settlement agreements that could be acceptable to the company, and while discussions haven’t yet been finalized, $398 million reflects the best estimate of the costs associated with resolving the...
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