Lilly to Pay $29.4 Million to End SEC Foreign Bribe Case
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Eli Lilly & Co. agreed to pay $29.4 million to settle U.S. Securities and Exchange Commission allegations that employees of subsidiaries gave cash and gifts to officials in China, Brazil, Russia and Poland to win millions of dollars in business.
Under the settlement agreement filed today in federal court in Washington, the drugmaker didn’t admit or deny the truth of the allegations. The SEC claimed the company’s violations of the Foreign Corrupt Practices Act began as early as 1994.