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.