AP News

News Summary: Alcoa, Aluminum Bahrain settle suit


CASE RESOLVED: Alcoa agreed to pay $85 million to Aluminum Bahrain BSC, or Alba, to settle a bribery lawsuit without admitting liability. It also resumed an agreement to sell raw materials to Alba.

THE DETAILS: Bahrain-controlled Alba sued Alcoa and associated companies in 2008, alleging they paid millions of dollars in bribes to Bahrain officials and others. Alba claimed that as a result it overpaid by about $420 million for raw materials from 1997 to 2009.

WHAT'S NEXT: Alcoa remains in discussions with the Justice Department and the Securities and Exchange Commission, which are conducting separate investigations.


Coke's Big Fat Problem
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus