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Self-reporting limits Pfizer's corrupt practices penalties as US widens industry net

 
• By Mandy Jackson

Pfizer has paid $60.2 million in fines and disgorgement of profits plus interest over violations of the US Foreign Corrupt Practices Act (FCPA). But the pharma giant avoided criminal prosecution and long-term government oversight of itself and its US executives by reporting bribes in several European and Asian countries to the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) before an employee or third-party could allege illegal activity.

Pfizer has paid $60.2 million in fines and disgorgement of profits plus interest over violations of the US Foreign Corrupt Practices Act (FCPA). But the pharma giant avoided criminal prosecution and long-term government oversight of itself and its US executives by reporting bribes in several European and Asian countries to the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) before an employee or third-party could allege illegal activity.

Pfizer announced on 7 August that its Pfizer HCP subsidiary had entered into a deferred prosecution agreement with the DOJ that included a $15 million fine. Under separate civil settlements...

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