Daimler settles U.S. bribery charges for USD185 Million
12 April 2010
On April 1, 2010, the U.S. Securities and Exchange Commission and the U.S. Department of Justice announced separate settlements with Daimler AG and three of its subsidiaries for violations of the U.S. Foreign Corrupt Practices Act, alleging that the Stuttgart, Germany-based automobile manufacturer engaged in a repeated and systematic practice of paying bribes to foreign government officials to secure business in Asia, Africa, Eastern Europe and the Middle East.
Daimler and its subsidiaries agreed to pay USD91.4 million in disgorgements to settle the SEC's civil charges and to pay USD93.6 million in fines to settle charges in separate criminal proceedings initiated by the DOJ.
If you have any questions regarding the FCPA or international anti-corruption rules in general and about how they may impact you and your company, please contact any of the members of our Anti-Corruption Compliance & Investigations Practice or the U.S. securities lawyers listed in the related Allen & Overy bulletin, or any other Allen & Overy lawyer with whom you have consulted in the past on similar matters.
Download a copy of the Allen & Overy Bulletin on the Daimler bribery charges .