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Bio-Rad lifts FCPA settlement reserve to $35 million

Bio-Rad Laboratories Inc. said in its annual report Tuesday that it has added $15 million to its reserve for a potential Foreign Corrupt Practices Act settlement, bringing the total to $35 million.

The company said it has completed an internal investigation and found “likely” violations of the FCPA’s books and records and internal controls provisions and its own internal policies.

It didn’t identify the countries where the violations might have happened.

California-based Bio-Rad manufactures and distributes life science research and clinical diagnostic products.

It self disclosed the potential FCPA violations to the DOJ and SEC in 2010.

In its annual report Tuesday, it said:

Based on an internal investigation, we identified conduct in certain of our overseas operations that may have violated the anti-bribery provisions of the United States Foreign Corrupt Practices Act (FCPA) and is likely to have violated the FCPA’s books and records and internal controls provisions and our own internal policies. … Following the completion of the Audit Committee’s investigation, we continue to cooperate with the DOJ and SEC investigations and to provide information to them.

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Julie DiMauro is the executive editor of FCPA Blog and can be reached here.

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