Ralph Lauren to pay $1.6M to settle bribery case
NEW YORK -- Ralph Lauren Corp. has agreed to pay $1.6 million to resolve allegations that it bribed government officials in Argentina to get customs clearance for its merchandise.
The Securities and Exchange Commission said Monday that the clothing maker reported the violations itself after they were discovered. The New York company agreed to pay $735,000 to the SEC and $882,000 to the Department of Justice as part of a parallel investigation.
According to the Justice Department, the manager of Ralph Lauren's subsidiary bribed officials to obtain paperwork over the span of five years. Inspection was avoided entirely in some cases. A Ralph Lauren representative wasn't immediately available for comment.
The Justice Department said Ralph Lauren also agreed to report ongoing efforts to comply with the Foreign Corrupt Practices Act.
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