Pfizer reaches settlement with SEC

11 Sep 2012

The United States’ Securities and Exchange Commission (SEC) has announced (http://www.sec.gov/news/press/2012/2012-152.htm?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that it has reached a settlement with Pfizer Inc and a related company, Wyeth LLC for violations of the Foreign Corrupt Practices Act (FCPA). The SEC alleged that the employees and agents of Pfizer’s subsidiaries in Bulgaria, China, Croatia, the Czech Republic, Italy, Kazakhstan, Russia and Serbia had made improper payments to foreign officials to obtain improper advantages for their products. The two companies will pay a combined fine of more than $45 million to settle their respective charges. In a parallel action, the US Department of Justice has announced (http://www.justice.gov/opa/pr/2012/August/12-crm-980.html?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that Pfizer H.C.P. Corporation has agreed to pay a penalty of $15 million to resolve its investigation of FCPA violations.