Johnson & Johnson to pay U.S. $70M in fines

By Reuters
Posted April 8 at 11:29 a.m.

Johnson & Johnson has agreed to pay $70 million to settle U.S. charges that it paid bribes and kickbacks to win business overseas, the first major pharmaceutical company to settle since the Obama administration began its scrutiny of the industry more than a year ago.

Johnson & Johnson agreed to pay a $21.4 million fine to settle criminal charges and pay more than $48.6 million in disgorgement and interest to settle charges by the Securities and Exchange Commission, the SEC said in a statement.

The Justice Department announced in November 2009 that it would focus on prosecuting those in the pharmaceutical industry who try to bribe foreign officials for preferential treatment of their products, leading to a wide-ranging probe.

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