WASHINGTON (dpa-AFX) - Grain processor Archer Daniels Midland Co. (ADM) said Friday it had reached a settlement with the U.S. Department of Justice and the Securities and Exchange Commission of allegations under the Foreign Corrupt Practices Act (FCPA) relating primarily to conduct by a Ukraine subsidiary of Archer Daniels' majority-owned subsidiary, Alfred C. Toepfer International.
Under the settlement, Archer Daniels has entered into a non-prosecution agreement with DOJ and a consent decree with SEC and has agreed with these agencies to monetary relief totaling approximately $54 million, the amount for which the company previously established a reserve.
The company will not be required to institute a monitor, as has occurred in some past FCPA settlements with other companies.
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