Teva Pharmaceuticals agrees to pay $519 million settlement

Teva Pharmaceuticals Industries Ltd. recently settled with the United States government related to allegations of violating the Foreign Corrupt Practices Act in Ukraine, Mexico and Russia.
“While the conduct that resulted in this investigation ended several years ago, it is both regrettable and unacceptable, and we are pleased to finally put this matter behind us,” Erez Vigodman, Teva’s president and CEO, said in a statement. “Since becoming CEO, I have worked diligently to make our culture of compliance central to everything Teva does. The compliance program that Teva has in place is serious, rigorous and comprehensive and is designed to protect the company and its subsidiaries against future violations.”
The settlement involves a penalty of $519 million, a deferred prosecution agreement, and the implementation of a temporary independent compliance monitor.
“The Teva of today is a fundamentally different company,” Vigodman said. “We welcome working with the monitor as an added step in our process to ensure the program we have put in place is working as designed. Teva has a compliance culture that begins with a strong tone at the top, including our executive regional and local management and a culture of compliance that underpins every single business decision that Teva makes.”