HP Agrees to $108 Million Settlement with Department of Justice, Securities & Exchange Commission
On April 9th, Hewlett-Packard announced a resolution of a U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) investigation of potential violations of the U.S. Foreign Corrupt Practices Act (FCPA).
HP will pay approximately $108 million to these two U.S. government agencies. HP also has agreed to undertake certain compliance, reporting, and cooperation obligations.
“The misconduct described in the settlement was limited to a small number of people who are no longer employed by the company,” said John Schultz, executive vice president and general counsel for HP. “HP fully cooperated with both the Department of Justice and the Securities and Exchange Commission in the investigation of these matters and will continue to provide customers around the world with top quality products and services without interruption.”
The case involved HP employees in Russia, Poland, and Mexico, who the SEC charged with making improper payments to government officials in order to obtain or retain lucrative public contracts.