Biomet Pays $22.8 Million To Settle Bribe Charges
Richard L. Cassin
March 26, 2012
No Comments
Biomet Inc. today became the latest medical device maker to settle FCPA offenses.
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Johnson & Johnson In $77 Million Global Settlement
Richard L. Cassin
April 8, 2011
No Comments
[…] in the life sciences industry.” Medical-device makers Biomet Inc., Stryker Corp., Zimmer Holdings Inc., Smith & Nephew plc and Medtronic Inc. disclosed FCPA investigations during 2007; Wright Medical reported a similar investigation in June 2008. The DOJ and SEC both said they reduced Johnson & Johnson’s financial penalties in light of the company’s civil […]
World Bank debars China construction companies, Romania medical equipment supplier
Richard L. Cassin
May 11, 2017
1 Comment
The World Bank announced the debarment of two China construction companies and a medical equipment supplier in Romania.
An Abundance Of Caution
Richard L. Cassin
August 12, 2009
1 Comment
The Justice Department last week issued its first Foreign Corrupt Practices Act Opinion Procedure Release of the year. The Requestor in Release No. 09-01 is a medical device maker that wants to introduce its product to a foreign government. Unlike its few global competitors, it isn’t well known in the target country. To introduce […]
‘Authorizing’ is at the center of most FCPA cases
Richard L. Cassin
November 3, 2022
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[…] Beam Suntory (2020), Cognizant (2019), Keppel Offshore & Marine (2017), LAN Airlines (2016), Smith & Wesson (2014), Innospec (2010), Snamprogetti, ENI (2010), Parker Drilling Company (2013), AGA Medical (2008), and so on. If “authorizing” is done corruptly — that is, with some knowledge it might result in a bribe payment — the authorizing person […]
Dialysis provider reserves $245 million for FCPA settlement
Richard L. Cassin
February 27, 2018
1 Comment
Fresenius Medical Care AG said in a securities filing Tuesday that it has set aside €200 million ($245 million) for a potential FCPA resolution with the DOJ and SEC.
China Province Hits Medical Graft
China Compliance Digest
March 29, 2012
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Officials in the southern province of Yunnan announced the approval of regulatory changes designed to stem medical corruption, including the introduction of a blacklist of bribery offenders.
World Bank debars Belgian medical device maker, two others
Richard L. Cassin
March 28, 2018
No Comments
A medical device maker that misrepresented the amount of commissions it promised to pay a local agent in Bangladesh was one of three companies the World Bank debarred in separate actions announced Wednesday.
Drug sellers ‘take vacations’ amid China anti-graft campaign
Hui Zhi
August 26, 2013
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[…] will be fined 500 yuan ($81) and regional sales managers 1000 yuan ($162) once being caught in hospitals,” an unidentified sales representative told the paper. Meanwhile, many medical conferences that were to be staged by pharmaceutical companies have been suspended. “Doctors are afraid of being drawn into corruption allegations through participation of medical conferences,” […]
A stacked procurement deck drove me out of my job
Ilya Zlatkin
April 29, 2015
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In the prior post, I published part of a note from an acquaintance in Belarus who used to work in a medical supply firm. It described a centralized, top-down procurement system susceptible to widespread graft. In this post, he talks about specific buying practices that defeat the rule of law, perpetuate the system, and […]