DaimlerChrysler in SEC bribery investigation

[JURIST] DaimlerChrysler AG announced today that it is under investigation by the Securities and Exchange Commission over alleged violations of the Foreign Corrupt Practices Act, which bars US companies from bribing foreign officials and requires compliance controls. The allegations came to light when a fired employee filed a whistleblower complaint with the Department of Labor under the Sarbanes-Oxley Act [PDF]. Without putting a dollar figure on the company's possible exposure, the automaker disclosed the investigation in its third-quarter earnings statement. AP has more.



 

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.