Biomet Pays $22 Million In Latest Medical Device Bribery Settlement (Wall Street Journal)
Orthopedic manufacturer Biomet Inc. agreed to pay more than $22 million in penalties Monday to settle charges that it violated a U.S. anti-bribery law.
The settlement stems from an industry-wide probe into a group of medical device companies conducted by the Department of Justice and Securities and Exchange Commission. The investigation, which is examining potential violations of the Foreign Corrupt Practices Act, has already netted more than $90 million in sanctions.
The FCPA, a 1977 law, prohibits improper payments to foreign officials in exchange for business.
Biomet agreed to pay a $17.2 million criminal penalty as part of an agreement with the Justice Department. In a separate settlement with the SEC, the Warsaw, Ind.-based company agreed to give up $5.4 million in profits that it allegedly earned from improper payments, according to court documents.
Between 2000 and 2008, Biomet and its subsidiaries made more than$1.5 million in direct and indirect corrupt payments to employees of state-owned health care providers in Argentina, Brazil and China to secure lucrative business with hospitals...
