Avon May Spend $132 Million to Settle Bribe Investigation
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Avon Products Inc., the world’s largest door-to-door seller of cosmetics, said it may spend as much as $132 million to resolve criminal and civil inquiries into whether it paid bribes in China and other countries.
About $77 million was added to a reserve for the potential settlements with the U.S. Securities and Exchange Commission and Department of Justice in the fourth quarter, bringing the total set aside for the matter to $89 million, New York-based Avon said yesterday. Potential settlements may exceed that amount by as much as $43 million, the company said.