- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-10-27T20:22:00
Multinational conglomerate Honeywell International agreed to pay $3.35 million to settle allegations it sold defective material for bulletproof vests used by local, state, and tribal police departments, the Department of Justice (DOJ) announced Wednesday.
Between 2000-05, Honeywell sold a material it called “Z Shield” to bulletproof vest manufacturer Armor Holdings. The material was made from Zylon fiber manufactured by Japanese company Toyobo, according to the settlement agreement.
Z Shield deteriorated rapidly in heat and humidity, making it less protective against bullets—a problem Honeywell knew about, the DOJ alleged. The company violated the False Claims Act by selling the inferior material for the vests, which compromised the safety of law enforcement officers, the agency stated.
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Alaska-based telecommunications provider GCI Communications Corp. agreed to pay more than $40.2 million as part of a settlement agreement with the Department of Justice for alleged violations of the False Claims Act.
Utah-based military equipment manufacturer L3 Technologies agreed to pay $21.8 million to settle false claim charges levied by the Department of Justice regarding double-billing the Department of Defense for certain parts.
Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
