Tyco International agreed Monday to pay nearly $27 million in fines and penalties for violations of the Foreign Corrupt Practices Act, a next-generation black eye for the descendant of a company that had been synonymous with corporate misconduct in the 2000s.
The charges stem from bribes paid by numerous Tyco subsidiaries of the Swiss-based giant from 2005 into 2009. According to a complaint from the Securities and Exchange Commission, Tyco executives in France, Germany, China and elsewhere operated 12 different illicit payment schemes that reaped the company more than $10.5 million.
