Ericsson, a Swedish multinational communication technology and services company, announced that it has set aside 12 billion Swedish kronor (U.S. $1.2 billion) as a potential settlement amount with U.S. authorities to resolve a long-running Foreign Corrupt Practices Act investigation that spans several geographies.
The FCPA investigation, which remains ongoing, was launched by the Securities and Exchange Commission and Department of Justice six years ago. However, Ericsson did not confirm it was being investigated for potential FCPA violations until June 2016, when it first issued a statement saying it had received a voluntary request from U.S. authorities in March 2013 to answer several questions relating to its operations.
