Flowserve To Pay $10M In Oil-For-Food Scandal

Law360, New York (February 21, 2008, 12:00 AM EST) -- Energy services firm Flowserve Corp. agreed Thursday to shell out over $10 million to settle charges that it paid kickbacks to the Iraqi government in exchange for contracts under the scandal-ridden United Nations oil-for-food program.

Flowserve, which provides fluid motion and control tools such as pumps and valves to the energy industry, said it will pay $6.57 million to the U.S. Securities and Exchange Commission and another $4 million to the U.S. Department of Justice to resolve accusations over its subsidiaries' dealings with the Iraqi government....
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