Tyco Pays SEC $13M To Settle Foreign Bribery Charges

Law360, Washington (June 17, 2013, 7:19 PM EDT) -- A Washington federal judge approved a $13 million settlement between the U.S. Securities and Exchange Commission and Tyco International Ltd. after the company allegedly bribed foreign government officials to secure contracts and hid the illegal payments in its financial records.

The Swiss company voluntarily disclosed the payments and subsequent concealment attempts as part of a prior consent agreement with the SEC. That disclosure led to the suit at hand. As part of the civil settlement, Tyco agreed to pay nearly $10.6 million in disgorgement and nearly...
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