Lauren settles Argentine bribery case for $1.6M

AP News
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Posted: Apr 22, 2013 1:12 PM

ALBANY, N.Y. (AP) — Ralph Lauren Corp. has settled U.S. Justice Department and Securities and Exchange Commission allegations that bribes were paid to Argentine import officials, agreeing to give up more than $700,000 of illicit profits and pay an $882,000 penalty.

Federal authorities say Monday the New York-based apparel company promptly reported the violations from 2005 to 2009 after discovering them in 2010, terminated culpable employees and a third-party agent, and shut down operations in Argentina.

The company won't be prosecuted under agreements involving worldwide risk assessment and training employees about the U.S. Foreign Corrupt Practices Act, which it was accused of violating.

Lauren attorney Thomas Hanusik says the company "did all the right things" when the issue surfaced to ensure it doesn't happen elsewhere.