Avon Products and lawyers representing investors asked a federal judge in New York Tuesday to approve a $62 million settlement in a securities fraud lawsuit that alleged the company and two former officers failed to disclose problems with company's FCPA compliance in China.
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A China subsidiary of Avon Products Inc. pleaded guilty Wednesday in federal court in Manhattan to one count of conspiring to violate the Foreign Corrupt Practices Act. It will pay a $67.7 million criminal fine and the Avon parent will enter into a three-year deferred prosecution and appoint a compliance monitor.
A federal court Monday dismissed a securities fraud lawsuit against Avon Products that alleged the company concealed that it didn't stop bribery in China because doing that would have hurt its business there.
Beauty products company Avon said Thursday it has "reached an understanding" with the DOJ and SEC for settlement of FCPA offenses.
Avon Products Inc. said in an SEC filing Thursday that the Securities and Exchange Commission offered an FCPA settlement last month with monetary penalties that were ‘significantly greater’ than the $12 million the company had offered.
Avon Products Inc. said in a quarterly filing Thursday that the DOJ and SEC rejected an offer in June to settle an ongoing FCPA investigation for $12 million and have not yet made any counter offers.
Avon Products Inc. said Friday that long-time executive chairman Andrea Jung will leave her post at the end of December.