Walmart Says Loss Likely from Bribery Investigation
Walmart says it is likely that it will incur a loss from bribery probes into its operations in Mexico and other countries.
foreign corrupt practices act
Walmart's Bribery Probe Widens to China, Brazil and India
Walmart announced Thursday that an internal investigation into bribery accusations involving its subsidiary in Mexico has broadened to include operations in Brazil, China and India. The disclosure came in a SEC filing tied to third-quarter financial results, which were downbeat.
News Corp. Confirms Plans to Split Company in Two
Rupert Murdoch's News Corp. said Thursday that it plans to split into two companies, one holding its newspapers and the other its entertainment operations. The Murdoch family, which controls nearly 40% of News Corp.'s voting shares, is expected to maintain control of both.
2 Ways Walmart Is Making You Pay for Its Mexican Corruption
First, executives at Walmart de Mexico facilitated more than $24 million in bribes; then the parent company covered it up. Obviously, now that the crimes have come out, it's bad news for Walmart. Here's why they were bad news for consumers.
Fraud Files: FCPA Enforcement Will Continue to Be Costly
For decades, U.S. companies doing business overseas have had to avoid falling afoul of the Foreign Corrupt Practices Act, which prohibits the bribing of foreign officials. But in the past few years, such corporate misbehavior is receiving more attention and increased enforcement, which is making executives nervous.
Schlumberger Faces Federal Bribery Probe
The allegations concern contract payments Schlumberger made several years ago to a consulting firm, Zonic Invest, which has ties to Yemen's government.
Pharmas Probed Over Foreign Bribery Allegations
Federal investigators are looking into allegations that major drug companies, including Merck, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline, paid bribes overseas to boost sales and accelerate approvals.
HP Bribery Probe Intensifies
The Justice Department, which has been investigating bribes Hewlett-Packard allegedly paid in Russia, has asked the company to voluntarily turn over internal records.
Feds Launch Bribery Investigation into Drugmaker Merck
Two federal agencies are investigating whether drugmaker Merck & Co. violated the Foreign Corrupt Practices Act, which bars U.S. companies from bribing foreign officials.
Fraud Files: Feds Crack Down on Overseas Bribes
The Foreign Corrupt Practices Act makes it illegal for companies to pay foreign officials to get or retain business, and the U.S. government has been stepping up FCPA enforcement actions: More than three times as many FCPA cases were brought in 2009 than were filed in 2005.
Legal Briefing: DOJ Gets Tougher on Foreign Bribery
A dedicated team of prosecutors will be going after large-scale foreign corruption, Attorney General Eric Holder announced Sunday. Main Justice reports this effort comes on top of the stepped-up prosecutions under the Foreign Corrupt Practices Act.
Legal Briefing: Bid-Rigging Convictions Overturned
Two Marsh & McLellan executives who were convicted in an insurance industry bid-rigging case saw their convictions overturned Wednesday because the New York Attorney General's office failed to turn over 700,000 documents, including exculpatory and impeaching evidence.
Legal Briefing: DOJ May Sue to Block Ariz. Immigration Law
The Department of Justice may file suit Tuesday over Arizona's controversial immigration law, but if the lawsuit is crafted as has been rumored, it will frustrate all sides in the debate, because it avoids the merits of the law and focuses instead on Arizona's lack of authority to enact it.
HP's Russia Scandal: A Little Bribery Never Hurt Anybody
While the U.S. government sniffs around at Hewlett-Packard's allegedly shady dealings in Russia, Harvard economist Jeffrey Miron argues that in some places, bribery can be a good thing, and says the Foreign Corrupt Practices Act only handicaps U.S. companies while doing nothing to prevent corruption.