Aon Settles with DOJ, SEC

Company pays $16.3 million as part of settlement relating to charges of foreign corruption.

Insurance Networking News, December 21, 2011

Justin Stephani

Aon Corporation has agreed to pay the Department of Justice (DOJ) and Securities Exchange Commission (SEC) approximately $16.3 million as part of a settlement related to charges of foreign bribery.

Specifically, Aon has agreed to pay $1.76 million to the DOJ as part of a non-prosecution agreement and approximately $14.55 million to the SEC in disgorgement and interest to settle a civil action.

Aon was accused of violating the Foreign Corrupt Practices Act, which prohibits bribing foreign officials or executives as a means of obtaining business. The accusations relate to payments made between 1983 and 2007.

In a press release, Aon claims that a “comprehensive, global and robust anti-corruption program” has been put in place to avoid improper conduct in the future.

According to the Washington Post, the DOJ’s criminal charges relate to the improper use of training funds in Costa Rica’s state-run insurance company, while the SEC’s allegations include several other countries, including Egypt, Vietnam, Indonesia, Myanmar, Bangladesh and the United Arab Emirates, as well as Costa Rica.

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