ALBANY, N.Y. (AP) — Ralph Lauren Corp. settled U.S. Justice Department and Securities and Exchange Commission allegations that bribes were paid to Argentine import officials, agreeing to give up more than $700,000 of illicit profits and pay an $882,000 penalty, federal authorities said Monday.
The New York-based apparel company promptly reported the violations from 2005 to 2009 after discovering them in 2010, terminated culpable employees and a third-party agent, and shut down its offices and stores in Argentina, officials said. Lauren won’t be prosecuted under agreements for maintaining worldwide risk assessment and training employees about the U.S. Foreign Corrupt Practices Act, which it was accused of violating.
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