Ericsson: out-of-court settlement reached in US
(CercleFinance.com) - Ericsson announced Friday that it will pay over 206 million dollars as part of an out-of-court settlement in a case in which the network equipment maker was accused by the US justice system of financing terrorist organisations in Iraq.
The Swedish group reached a stay of proceedings agreement (DPA) with the US Department of Justice in 2019, but the DoJ later found that Ericsson had failed to provide documents in a timely manner.
The agreement unveiled today will halt the case.
Ericsson says that its internal investigations did not reveal any financing of terrorist organisations, a conclusion confirmed last year after a more thorough investigation.
Last January, Ericsson said it had set aside $220 million in connection with the case.
Listed on the Stockholm Stock Exchange, Ericsson's share rose almost 4% on Friday morning following these announcements.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The Swedish group reached a stay of proceedings agreement (DPA) with the US Department of Justice in 2019, but the DoJ later found that Ericsson had failed to provide documents in a timely manner.
The agreement unveiled today will halt the case.
Ericsson says that its internal investigations did not reveal any financing of terrorist organisations, a conclusion confirmed last year after a more thorough investigation.
Last January, Ericsson said it had set aside $220 million in connection with the case.
Listed on the Stockholm Stock Exchange, Ericsson's share rose almost 4% on Friday morning following these announcements.
Copyright (c) 2023 CercleFinance.com. All rights reserved.