Weatherford Units Plead Guilty In $253M Bribery, Export Pact

Law360, New York (November 26, 2013, 1:41 PM EST) -- Three subsidiaries of Weatherford International Ltd. have pled guilty in Texas federal court to criminal charges to resolve separate foreign bribery and export controls investigations for which the Swiss oil services firm already has agreed to pay $253 million.

Weatherford reached two separate deferred prosecution agreements to settle allegations under the Foreign Corrupt Practices Act, the International Emergency Economic Powers Act and the Trading With the Enemy Act. The company allegedly generated $110 million in revenue from illegal export and re-export deals in sanctioned countries including...
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