Defendant Name:
Weatherford International plc
Defendant Type:
Public Company
Document Reference:
LR-22880
Document Details
Legal Case Name
SEC v. Weatherford International Ltd.
Document Name
SEC Charges Weatherford International with FCPA Violations
Document Date
26-Nov-2013
Document Format
Civil Proceeding
Case Number
13-cv-03500
Federal District Court
Texas, Southern District of Texas
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On November 26, 2013, the SEC announced filing a settled complaint against Weatherford International Ltd. alleging the company violated "the Foreign Corrupt Practices Act (FCPA) by authorizing bribes and improper travel and entertainment for foreign officials in the Middle East and Africa to win business, including kickbacks in Iraq to obtain United Nations Oil-for-Food contracts." According to the SEC: "Weatherford agreed to pay $90,984,844 in disgorgement, $4,399,423.34 in prejudgment interest, and a $1.875 million civil penalty assessed in part for lack of cooperation during the investigation. $31,646,907 of the payment to the SEC will be satisfied by Weatherford's agreement to pay an equal amount to the U.S. Attorney's Office. Weatherford agreed to pay $87 million in criminal fines to the Department of Justice for the FCPA violations, and $100 million to the other three agencies for the sanctions violations. The company also must comply with certain undertakings, including the retention of an independent compliance monitor for 18 months and self-reporting to the SEC staff for an additional 18 months."
Disgorgement & Penalty Information
Resolutions
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Certain undertakings
