U.S. Settles Bribery Cases With Oil and Gas Service Companies for More than $156 Million in Criminal Penalties

On November 4, 2010, the U.S. Department of Justice announced settlements with a global freight forwarding company and five oil and gas service companies and subsidiaries. They agreed to pay a total of $156,565,000 in criminal penalties. The Securities and Exchange Commission (SEC) also announced its settlements with these companies involving civil disgorgement, interest and penalties of approximately $80 million. These settlements arise from an investigation focusing on allegations of foreign bribery in the oil field services industry. The settlements were revealed in documents filed in the U.S. District Court for the Southern District of Texas...(more)...