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Judge signs off on IBM foreign bribery settlement

The two-year-old settlement involved accusations Big Blue violated the FCPA

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.” 

Read more about this story on Bloomberg.

For more FCPA stories on InsideCounsel, see:

Regulatory: Avoiding an FCPA or anti-bribery charge after uncovering corruption

GlaxoSmithKline admits executives may have violated Chinese law with bribes

Regulatory: Investigating potential bribery means looking beyond the FCPA

DOJ dusts off little-used Travel Act to strengthen FCPA prosecutions

Regulatory: Minimizing the FCPA risk associated with third party agents

Regulatory: Federal agencies target new industries for FCPA enforcement

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Cathleen Flahardy

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