Biomet Inc. (BMET) Busted for Bribery; Paying $22.7 Million in US Accords
3/27/2012 8:31:05 AM
Medical device maker Biomet Inc. has agreed to pay $22.7 million to settle U.S. criminal and civil allegations that it bribed government-employed doctors in Argentina, Brazil and China for more than eight years to win business with hospitals. The Justice Department and the Securities and Exchange Commission announced the settlements Monday with Warsaw, Ind.-based Biomet. The company will pay a $17.3 million criminal penalty but won't be prosecuted by the Justice Department if it institutes strict internal controls to prevent bribery and hires an expert to monitor its compliance for 18 months. Biomet, which operates in about 90 countries, also agreed to pay $5.4 million in restitution to resolve the SEC's civil charges.