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Harry Cassin
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Andy Spalding
Senior Editor

Jessica Tillipman
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Elizabeth K. Spahn
Editor Emeritus

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Thomas Fox
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Marc Alain Bohn
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Bill Waite
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Shruti J. Shah
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Russell A. Stamets
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Richard Bistrong
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Eric Carlson
Contributing Editor

WSJ reports possible Philips settlement

Dutch electronics firm Koninklijke Philips Electronics NV has agreed to pay $4.5 million to resolve FCPA violations, according to a company spokesperson.

Sam Rubenfeld at the Wall Street Journal filed his report Monday.

‘Amy Shanler, a Philips spokeswoman, said Monday that the SEC imposed a fine of $4.5 million in the case, which the company accepted,’ Rubenfeld said.

There hasn’t been any comment from the SEC or DOJ.

Philips said it self disclosed possible compliance problems in early 2011 the SEC and DOJ. The allegations were connected with an indictment in Poland in 2009 of three former employees of Philips Polska sp. z.o.o.

‘Polish prosecutors had said people who represented Philips paid bribes to hospital directors to induce them to buy Philips’ equipment,’ according to the Wall Street Journal.

Koninklijke Philips Electronics NV trades on the NYSE under the symbol PHG.

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