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June 20, 2019

Posted  June 20, 2019

To settle charges of violating the Foreign Corrupt Practices Act (FCPA), Walmart Inc. and its Brazilian subsidiary, WMT Brasilia S.a.r.l., have agreed to pay $138 million to the DOJ and $144 million to the SEC, for a combined penalty of $282 million.  According to the DOJ and SEC, Walmart’s alleged failure to implement and maintain adequate internal anti-corruption controls from 2000 to 2011 resulted in bribes to government officials in Brazil, China, India, and Mexico that allowed Walmart’s foreign subsidiaries to open more stores faster.  For cooperating with all investigations and self-disclosing some of the alleged misconduct, Walmart received a reduction of 20-25% off the amount originally owed to the DOJ.  In addition to the monetary penalty, Walmart has agreed to retain an outside compliance monitor for two years.  DOJ, SEC, USAO EDVA

Tagged in: FCPA, Financial and Investment Fraud,