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Daimler Settlement Reported

A Bloomberg story today in Business Week here says Daimler AG will pay “about $200 million and two subsidiaries will plead guilty to resolve a U.S. investigation into whether it paid bribes to secure business overseas, according to people familiar with the accord.”

Bloomberg said the deal still needs approval by federal district court judge Richard Leon in Washington, D.C.

The story quoted a Daimler spokesperson as saying: “We are in discussions with the DOJ and the SEC regarding consensually resolving the agencies’ investigations.” The spokesperson was identified as Ute Wuest von Vellberg, from Stuttgart, Germany. “There can be no assurance about whether and when settlement with the DOJ and the SEC will become final and effective,” he said in an interview.

The FCPA investigation into Daimler began in 2004, triggered by the firing of an alleged whistleblower from the audit group at DaimlerChrysler Corp., Daimler’s former affiliate.

We’ll update this story as it develops.

Special thanks to Marc Bohn for his help with this post.

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