14. Pelofsky, Update, J&J Settles U.S., U.K. Bribery, 2011 (Price Strategy)

14. Pelofsky, Update, J&J Settles U.S., U.K. Bribery, 2011 (Price Strategy)

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UPDATE 3-J&J settles U.S., UK bribery, kickback charges Fri Apr 8, 2011 8:42pm BST * Company says reported improper payments to US government * UK probe settlement draws an $8 mln penalty (Adds UK settlement, U.S. praise for cooperation) By Jeremy Pelofsky JNJ.N ) will pay $78 million to settle U.S. and UK charges that it paid bribes and kickbacks to win business overseas, the first big drug company to settle since the Obama administration began its scrutiny of the industry more than a year ago. Johnson & Johnson agreed to pay a $21.4 million fine to settle Justice Department criminal charges and pay more than $48.6 million in disgorgement and interest to settle allegations by the Securities and Exchange Commission, the agencies said on Friday. The allegations date back to 1998 and involved sham contracts, bribes and kickbacks paid by J&J units to officials and doctors in Greece, Iraq, Poland and Romania to help earn millions of dollars in profits, according to authorities. The New Jersey-based pharmaceutical giant also settled a similar complaint with the United
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14. Pelofsky, Update, J&J Settles U.S., U.K. Bribery, 2011 (Price Strategy)

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