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Teva settles with DoJ and SEC

Isarel's Teva fell foul of the Foreign Corrupt Practices Act.
Law book
Teva is off the hook and US$519mln lighter

Teva Pharmaceuticals Industries Ltd (NYSE:TEVA) has reached a settlement with the US government over violations of the Foreign Corrupt Practices Act.

Teva and the US Department of Justice and the Securities and Exchange Commission have agreed to a resolution to resolve previously disclosed investigations into conduct relating to three countries: Ukraine, Mexico and Russia.

The resolution includes a deferred prosecution agreement, the implementation of a temporary independent compliance monitor, and previously reserved payments totaling US$519 million.

A statement released by Teva emphasized all of the guilty practices were perpetrated by people no longer employed by Teva.

“While the conduct that resulted in this investigation ended several years ago, it is both regrettable and unacceptable, and we are pleased to finally put this matter behind us,” said Erez Vigodman, Teva’s president and chief executive officer.

“We welcome working with the monitor as an added step in our process to ensure the program we have put in place is working as designed,” Vigodman said.

Shares in Teva were up 1.6% in New York trading.  

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