Securities Law Updates | New Releases/No Action Letters
August 5, 2010
SEC Files Settled Books and Records and Internal Controls Charges Against General Electric for Improper Payments to Iraqi Ministries
SEC v. General Electric Company, et al.
Civil Action No. 1:10-CV-01258 (D.D.C.)(RWR), Litigation Release No. 21602, 7/27/2010
The Securities and Exchange Commission (“SEC,” or “Commission”) has filed Foreign Corrupt Practices Act (“FPCA”) books and records and internal controls charges against General Electric Company (“GE”) and two GE subsidiaries — Ionics, Inc. (currently GE Ionics, Inc.) and Amersham plc (currently GE Healthcare Ltd.) — in the U.S. District Court for the District of Columbia.
The General Electric Company, headquartered in Fairfield, Connecticut, participates in a wide variety of markets. The SEC alleged in its settled complaint that two GE subsidiaries — along with two other subsidiaries of public companies that have since been acquired by GE — made $3.6…
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