22 JANUARY 2015AlCircle.com
U.S. District Judge approves settlement for the Alcoa bribery case
Edited by : AL CIRCLE
1 min read
Donetta Ambrose, the U.S. District Judge has approved settlement for the shareholder lawsuit filed against Alcoa by Alba accusing of a bribery scandal.
In 2008, Aluminium Bahrain or Alba had sued Alcoa on the charge that the affiliates of the latter had bribed Alba executives and Bahraini officials so that they could make Alba overpay more than $400 million since 1997. In 2013, another lawsuit was charged at Alcoa by a group of shareholders for the company’s failure at limiting the company’s liability after Alba filed its lawsuit.
Alcoa has agreed to implement several reforms which include paying $3.75 million in terms if attorneys’ fees as well as creating a new position of chief ethics and compliance officer.
The allegations caused Justice Department and the Securities and Exchange Commission to investigate the matter. A joint venture controlled by the New York company. In January 2014, Alumina Ltd of Australia pleaded guilt for violating the Federal Corrupt Practices Act of 1977, considered a criminal offense, agreeing to pay $384 million in penalties to end the investigation.
In 2008, Aluminium Bahrain or Alba had sued Alcoa on the charge that the affiliates of the latter had bribed Alba executives and Bahraini officials so that they could make Alba overpay more than $400 million since 1997. In 2013, another lawsuit was charged at Alcoa by a group of shareholders for the company’s failure at limiting the company’s liability after Alba filed its lawsuit.
Alcoa has agreed to implement several reforms which include paying $3.75 million in terms if attorneys’ fees as well as creating a new position of chief ethics and compliance officer.
The allegations caused Justice Department and the Securities and Exchange Commission to investigate the matter. A joint venture controlled by the New York company. In January 2014, Alumina Ltd of Australia pleaded guilt for violating the Federal Corrupt Practices Act of 1977, considered a criminal offense, agreeing to pay $384 million in penalties to end the investigation.
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