Smith & Nephew To Pay $22.2M In US Settlements


Salon Staff
February 6, 2012 10:18PM (UTC)

WASHINGTON (AP) — British orthopedics maker Smith & Nephew PLC has agreed to pay $22.2 million to settle U.S. criminal and civil allegations that it bribed doctors employed by the Greek government for more than a decade to win business, U.S. authorities say.

The Justice Department and the Securities and Exchange Commission announced separate agreements Monday with Smith & Nephew and its U.S. subsidiary. The company is paying $5.4 million in restitution and interest to settle the SEC's civil charges and a $16.8 million criminal fine in an agreement with the Justice Department.

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Smith & Nephew won't be prosecuted by the Justice Department provided it institutes strict internal controls to prevent bribery.

The government accused the company of violations of the Foreign Corrupt Practices Act in Greece between 1997 and 2008.


Salon Staff

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