Smith & Nephew Inc. Fined for FCPA Violation

The medical device company Smith & Nephew Inc. has entered into a deferred prosecution agreement with the Department of Justice.  The company violated the Foreign Corrupt Practices Act (FCPA) when it bribed officials in Greece from 1998 to 2008 in order to secure business contracts in that country.  As part of the agreement, Smith & Nephew will pay a $16.8 million fine and institute internal changes to its business practice.  Smith & Nephew has also agreed to pay $5.4 million to the U.S. Securities and Exchange Commission.

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