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Biomet Settles Criminal and Civil Allegations for $22.7 million

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The Justice Department and the Security and Exchange Commission has announced that medical device manufacturer Biomet Inc. will settle investigations into allegations that for over eight years, the company bribed government doctors in China, Brazil, and Argentina to win business.

According to the terms of the settlement, Biomet will pay criminal penalties of $17.3 million; however, the company will not undergo criminal prosecution as long it implements strict controls to prevent bribery. The company must also hire an expert who will monitor its activities for 18 months. Biomet will resolve SEC civil charges by paying $5.4 million in restitution.

Investigators discovered that all levels of managers and employees of the company and four of its subsidiaries as well as Biomet distributors were involved in the illegal activities. The government also found that internal watchdog employees also knew about the bribery and failed to stop it.

Jeffrey Binder, Biomet CEO, and President said, “Moving forward, we intend to continue to adhere to our enhanced global compliance procedures and to promote the company’s commitment to the highest ethical standards in all the markets that we serve,” Businessweek reported.

 

 

 

breakinglawsuitnews.com disclaimer: This article: Biomet Settles Criminal and Civil Allegations for $22.7 million was posted on Tuesday, March 27th, 2012 at 8:15 pm at breakinglawsuitnews.com and is filed under Medical Device Lawsuits.

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