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Panasonic must pay $280M to resolve FCPA charges

Jaclyn Jaeger | April 30, 2018

Panasonic Avionics, a provider of in-flight entertainment and communication systems and a subsidiary of multinational electronics company Panasonic, has agreed (in conjunction with its parent company) to pay more than $280 million to resolve charges arising out of a scheme to retain consultants for improper purposes and conceal payments to third-party sales agents, in violation of the accounting provisions of the Foreign Corrupt Practices Act.

The settlement, which was announced Monday, calls for Panasonic Avionics to pay a $137.4 million criminal penaltyas part of a deferred prosecution agreement. In a related proceeding, the Securities and Exchange Commission (SEC) filed a cease and desist order against Panasonic, which agreed to pay approximately $143 million in disgorgement to the SEC, including prejudgment interest.  Thus, the combined...

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