Smith & Nephew Reaches Settlement With US Government
Smith & Nephew plc (NYSE: SNN) announces that it and its U.S. subsidiary, Smith & Nephew, Inc., have reached settlements with the U.S. Securities and Exchange Commission and U.S. Department of Justice (DOJ) in connection with their Foreign Corrupt Practices Act investigation of the medical device industry.
Smith & Nephew has committed to pay $22,226,799 in fines and profit disgorgement, maintain an enhanced compliance programme, and appoint an independent monitor for at least 18 months to review and report on its compliance programme. The Group provided for this payment in its earnings for the fourth quarter of 2011.
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