Teva to pay more than $519M to settle FCPA charges
The Securities and Exchange Commission announced that Teva Pharmaceutical Industries Limited has agreed to pay more than $519M to settle parallel civil and criminal charges that it violated the Foreign Corrupt Practices Act by paying bribes to foreign government officials in Russia, Ukraine, and Mexico. The SEC's complaint alleges that Teva made more than $214M in illicit profits by making the influential payments to increase its market share and obtain regulatory and formulary approvals as well as favorable drug purchase and prescription decisions. Under the settlement, Teva must pay more than $236M in disgorgement and interest to the SEC plus a $283M penalty in a deferred prosecution agreement with the U.S. Department of Justice. Teva must retain an independent corporate monitor for at least three years.