2014-12-22 15:21:41

Avon Announces Settlement Agreements

2014-12-22 15:21:41

 

Avon Products has announced that the company has entered into agreements with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) related to the previously disclosed Foreign Corrupt Practices Act (FCPA) investigations. Sheri McCoy, CEO of Avon Products, Inc. commented:  "We are pleased to have reached agreements with the DOJ and the SEC.” The agreements include aggregate payments of $135 million to the two U.S. government agencies, with $68 million in fines payable to the DOJ and $67 million in disgorgement and prejudgment interest payable to the SEC, in connection with charges that the company violated the books and records and internal controls provisions of the FCPA. As previously disclosed, the company has accrued $135 million for the FCPA matters.  Under a deferred prosecution agreement (DPA), which received court approval today, the DOJ will defer criminal prosecution of the company for a period of three years in connection with the alleged violations of the FCPA. Avon has agreed to a corporate compliance monitor. If the company remains in compliance with the DPA during its term, the charges against the company will be dismissed with prejudice. In addition, as part of the agreement with the DOJ, Avon Products (China) Co. Ltd., a subsidiary of the company operating in China, pleaded guilty today to conspiring to violate the books and records provision of the FCPA and was sentenced to pay the agreed $68 million fine to the DOJ. In the settlement papers, the DOJ recognized Avon's cooperation and "extensive remediation," and noted that Avon's efforts resulted in "important compliance and internal controls improvements." Final resolution of the SEC matter is subject to approval by the United States District Court for the Southern District of New York. There can be no assurances regarding if and when the court will approve the SEC settlement. - 

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