WASHINGTON (AP) — Medical device maker Biomet Inc. has agreed to pay $22.7 million to settle U.S. criminal and civil allegations that it bribed government-employed doctors in Argentina, Brazil and China for eight years to win business with hospitals.
The Justice Department and the Securities and Exchange Commission announced the settlements Monday with Warsaw, Ind.-based Biomet. The company will pay a $17.3 million criminal penalty but won't be prosecuted by the Justice Department if it institutes strict internal controls to prevent bribery. Biomet also agreed to pay $5.4 million in restitution to resolve the SEC's civil charges.
Biomet is the third medical device company to pay a criminal penalty and sign a deferred-prosecution agreement in the government's investigation into bribery by medical device companies of doctors employed by governments overseas.