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Bristol-Myers Squibb Settles FCPA Case for $14 Million

Jaclyn Jaeger | October 5, 2015

Pharmaceutical giant Bristol-Myers Squibb today reached a $14 million settlement with the Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act.

According to the SEC's order instituting the administrative proceeding, Bristol-Myers Squibb's joint venture in China made cash payments and provided other benefits to health care providers at state-owned and state-controlled hospitals in exchange for prescription sales, reaping more than $11 million in profits from its misconduct. According to the SEC’s order instituting settled administrative proceedings, Bristol-Myers Squibb lacked effective internal controls over interactions with health care providers at BMS China, its majority-owned joint venture. 

Between 2009 and 2014, BMS China sales representatives sought to secure and increase business by providing...

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