Fiat To Pay $17M Over Iraq Oil-For-Food Kickbacks

Law360, New York (December 29, 2008, 12:00 AM EST) -- Fiat SpA has agreed to pay roughly $17 million to settle allegations that it gave illegal kickbacks to the Iraqi government in transactions related to the United Nations’ Oil-for-Food program.

The U.S. Securities and Exchange Commission filed the suit against Fiat and its majority-owned subsidiary CNH Global NV on Dec. 22 in the U.S. District Court for the District of Columbia, alleging that the Italian automaker made approximately $4.3 million in kickback payments to Iraqi officials under the program.

From approximately 2000 to 2003, according to...
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