Defendant Name:
International Business Machines Corporation
Defendant Type:
Public Company
Document Reference:
LR-21889
Document Details
Legal Case Name
SEC v. International Business Machines Corporation
Document Name
IBM to Pay $10 Million in Settled FCPA Enforcement Action
Document Date
18-Mar-2011
Document Format
Civil Proceeding
Case Number
11-cv-00563
Federal District Court
District of Columbia, District of Columbia
AAER
3254
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On March 18, 2011, the SEC announced that it filed a settled Foreign Corrupt Practices Act enforcement action against International Business Machines Corporation ("IBM"), charging IBM "with violating the books and records and internal control provisions of the Foreign Corrupt Practices Act of 1977... as a result of the provision of improper cash payments, gifts, and travel and entertainment to government officials in South Korea and China." According to the SEC: "Without admitting or denying the SEC's allegations, IBM consented to the entry of a final judgment that permanently enjoins the company from violating the books and records and internal control provisions of the FCPA, codified as Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934. IBM also agreed to pay disgorgement of $5,300,000, $2,700,000 in prejudgment interest, and a $2,000,000 civil penalty."
Disgorgement & Penalty Information
