Maxwell Tech To Exit Shareholder FCPA Action For $3M

Law360, New York (February 17, 2012, 5:00 PM EST) -- Maxwell Technologies Inc. said Thursday its top executives had agreed to pay $3 million to settle a shareholder class action in California alleging they failed to halt a criminal scheme to bribe Chinese government officials in exchange for electric utilities contracts.

The company revealed in filings with the U.S. Securities and Exchange Commission that a California state court granted preliminary approval to the settlement Tuesday. The suit claimed current and former Maxwell executives breached their duties to shareholders by failing to prevent the alleged bribery, which...
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