Settlements

ST-271
Micrus Corporation and Micrus S.A.
Micrus Corporation
United States
Department of Justice
France, Germany, Spain, Turkey
2005
02/28
Unknown
Legal Person
Criminal
Non-Prosecution Agreement
Criminal Fine
$450,000.00
$450,000
$0
$0
$0
$0
Art.16, Art.26
Art. 1, Art. 2, Art. 8
Bribery of foreign officials, Internal controls violations
Bribery of foreign officials, Internal controls violations
Yes
According to the US Department of Justice's Press Release on its settlement agreement with the Micrus Corporation and its Swiss subsidiary Micrus S.A., "The investigation by the Department revealed that Micrus, through the conduct of certain officers, employees, agents and salespeople paid more than $105,000 - disguised in Micrus's books and records as stock options, honorariums and commissions - to doctors employed at publicly owned and operated hospitals in [France, Turkey, Spain and Germany] in return for the hospitals' purchase of embolic coils from Micrus. An additional $250,000 was comprised of payments for which Micrus did not obtain the necessary prior administrative or legal approval, as required under the laws of the relevant foreign jurisdiction." (Source: US Department of Justice Press Release, "Micrus Corporation Enters into Agreement to Resolve Potential Foreign Corrupt Practices Act Liability," March 2, 2005.)