Swedish telecommunications giant Ericsson has entered a $1 billion settlement with U.S. authorities to resolve a long-running investigation into violations of the Foreign Corrupt Practices Act that spanned 17 years and several geographies and involved high-level executives.
In a Sept. 26 media call, Ericsson executives announced they had set aside $1.2 billion as a potential settlement. Chief Legal Officer Xavier Dedullen said during the call the $1.2 billion provision constituted its “best estimate” of expenditures at the time for resolving the U.S. investigation, including the cost of a potential compliance monitor. “It would not be a surprise if we ended up with a monitorship,” he said.
