IBM can breathe a sigh of relief now that a two-year-old settlement agreement has finally gotten approval from a judge.
The case centered on accusations by the Securities and Exchange Commission (SEC) that Big Blue engaged in illegal bribery in China and Korea, in violation of the Foreign Corrupt Practices Act (FCPA).
Judge Richard Leon, who yesterday approved the settlement, first received the proposed agreement from the SEC in March 2011. But, at the time, Leon had refused to approve it until IBM submitted reports to both him and regulators about its possible wrongdoing.
In the hearing yesterday, Leon said he believes the company “has learned its lesson and is moving in the right direction to ensure this never happens again.”
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