Skip to main content
Menu Icon Menu Icon
Close

FCPA Scorecard Blog

Foreign Corrupt Practices Act & Anti-Corruption

Filter

Subscribe to our FinCrimes Update for news about the Foreign Corrupt Practices Act and related prosecutions and enforcement actions.

  • Teva Pharmaceuticals Sets Aside $520 Million for Potential FCPA Settlement

    Teva Pharmaceutical Industries Ltd. (Teva), an Israeli company, stated in its Form 6-K filed with the SEC on November 15, 2016, that it has set aside approximately $520 million for a potential settlement of FCPA matters being investigated by the SEC and DOJ. Teva explained that the reserve relates to conduct that occurred between 2007 and 2013 in Russia, Mexico, and the Ukraine, and that it was discovered in the course of the investigation that began in early 2012 with the issuance of an SEC subpoena to Teva, as well as a concurrent internal investigation of its worldwide business practices.

    Should Teva enter into a settlement, it will top the growing list of pharmaceutical companies that have been subject to multimillion dollar penalties for conduct in violation of the FCPA, including the following:

    • AstraZeneca ($5.5 million settlement in 2016 of allegations relating to bribery of Chinese and Russian doctors)
    • GlaxoSmithKline ($20 million settlement in 2016 of allegations relating to bribery of Chinese health care professionals)
    • Novartis ($25 million settlement in 2016 of allegations relating to bribery of Chinese doctors
    • Bristol-Myers Squibb & Co. ($14 million settlement in 2015 of allegations relating to bribery of healthcare professionals at state-owned hospitals in China)
    • Eli Lily & Co. ($29 million settlement in 2012 of allegations relating to bribery of government employed physicians in Russia, Brazil, China and Poland)
    • Johnson & Johnson ($70 million settlement in 2011 of allegations relating to conspiracy and bribery of doctors employed by state-controlled health care systems in Greece)

    SEC FCPA Update Johnson & Johnson Mexico Russia Eli Lilly Teva Pharmaceuticals Ukraine FCPA Bristol-Myers Squibb Novartis SEC AstraZeneca GlaxoSmithKline

    Share page with AddThis
  • DOJ Declines FCPA Charges Against AstraZeneca Following SEC Settlement

    In conjunction with the SEC’s recent settlement AstraZeneca, the U.K.-based pharmaceutical company announced on August 30 that the DOJ has closed its parallel foreign bribery investigation.  As detailed here, the SEC settled charges against Astrazeneca for allegedly improper payments made by the company’s wholly owned subsidiaries in China and Russia. Under the SEC settlement, the company agreed to disgorge $4.325 million and pay a $375,000 civil penalty with $822,000 in prejudgment interest.  As reported by Reuters, the company issued a public statement stating it was “pleased to have resolution of these matters.”

    DOJ SEC China FCPA Enforcement Action Russia UK AstraZeneca

    Share page with AddThis