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Final court approval for Weatherford mega-settlement

Photo courtesy of Weatherford InternationalWeatherford International said it received final court approval for the $252.6 million settlement of FCPA and export offenses announced in November.

In an SEC filing, Weatherford said:

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On January 17, 2014, the U.S. District Court for the Southern District of Texas approved the settlement agreements between Weatherford International L Ltd. (“Weatherford”) and certain of its subsidiaries and the U.S. Department of Justice.

These agreements, along with the settlement agreements that Weatherford and certain of its subsidiaries entered into with the U.S. Departments of Commerce and Treasury on November 26, 2013, and the settlement agreement that Weatherford entered into with the U.S. Securities and Exchange Commission, which the U.S. District Court for the Southern District of Texas entered on December 20, 2013, collectively resolve investigations for prior alleged violations by Weatherford and certain of its subsidiaries of certain trade sanctions laws, Weatherford’s and certain of its subsidiaries’ actions relating to the Iraq oil-for-food program, and Weatherford’s and certain of its subsidiaries’ non-compliance with the Foreign Corrupt Practices Act.

No material changes to the agreements were made and the terms of the settlement and Court’s orders are consistent with Weatherford’s prior public disclosure regarding these matters.

Approximately $65.6 million of the total amounts due under the settlement agreements were paid in January 2014 and the remaining $187.2 million will be paid pursuant to the terms of the settlement agreements in January and February of 2014 by Weatherford and its subsidiaries.

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Research courtesy of the ethiXbase GRC Database.

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