Biomet settles federal bribery investigations for $30M

(Photo supplied/Zimmer Biomet)

WARSAW, Ind. (WOWO): A Warsaw company has agreed to a $30-million settlement over investigations with the Securities and Exchange Commission and Department of Justice.

Our Partners in News at ABC21 report Biomet, since renamed Zimmer Biomet, will pay the settlement for violating the Foreign Corrupt Practices Act. The company was first charged by the SEC in 2012 and at the time agreed to a $22-million settlement, with a stipulation that they had to retain a consultant to ensure their compliance with the Act.

However, the SEC learned of alleged bribery violations the company committed in Brazil and Mexico in 2013, paying bribes to customs officers to allegedly smuggle unregistered and mislabeled dental products.

In this new settlement, the company will pay $13-million in fines to the SEC, and more than $17-million in fines to the DOJ.

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