LAWSUITS NEWS & LEGAL INFORMATION
Overseas Contracts
This is a settlement for the Commercial lawsuit.
York, PA: (Oct-01-07) The US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) brought charges against York International, over issues related primarily to activities involving certain overseas contracts. As part of a settlement reached, York International announced that it has entered into a deferred prosecution agreement with the DOJ and a consent agreement with the SEC, resolving the issues. Sources stated that the settlements include $22 million in fines, interest and the disgorgement of past profits on the contracts. The financial settlements are not expected to materially impact the company as they have been fully provided for in prior periods. The investigation did not reveal any personal misconduct by York senior officers. The agreements with the DOJ and SEC also provide for an independent consultant to monitor York's compliance with all relevant laws.
[YAHOO: OVERSEAS CONTRACTS]
Published on Oct-3-07
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