Biomet Pays to Defer Bribery Prosecution (Walter Eisner @ OTW)
The U.S. Department of Justice's Criminal Division (DOJ) announced on March 26, that Biomet Inc. has entered into a deferred prosecution agreement (DPA) with the government to, "resolve improper payments by the company and its subsidiaries in violation of the Foreign Corrupt Practices Act (FCPA).
Biomet agreed to pay over $22 million to avoid prosecution and resolve charges brought by the DOJ under the FCPA.
Bribery Investigation
According to the announcement, the matter is part of an investigation into bribery by medical device companies of health care providers and administrators employed by government institutions. Previously, Johnson & Johnson and Smith & Nephew Inc. have agreed to pay criminal penalties and entered into deferred prosecution agreements related to the ongoing investigation. The resolution was reached after the company agreed to enter into a Deferred Prosecution Agreement (DPA).
According to the criminal information filed on March 26 in U.S. District Court in the District of Columbia, Biomet, its subsidiaries, employees and agents, "made various improper payments from approximately 2000 to 200...
