Ingersoll-Rand to pay $6.7M in settlement over UN's 'Oil for Food' program |
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Published
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Wed, 31 Oct 2007 16:17
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BOSTON (Thomson Financial) - Ingersoll-Rand Company Ltd. said Wednesday that it has reached a settlement with the Securities and Exchange Commission and the U.S. Department of Justice relating to payments connected to the United Nations' Oil For Food program.Under the terms, Ingersoll-Rand will pay a total of $6.7 million in penalties, interest and disgorgement of profits. The company also said it will enter into a three-year deferred prosecution agreement with the DOJ.Hamilton, Bermuda-based Ingersoll-Rand provides products and services used to transport and protect food and perishables. Its stock rose 24 cents to $50.29.Casey Logancl/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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