Alcoa settles Bahrain company's bribery lawsuit for $85 million
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Alcoa announced today that it settled a four-year-old lawsuit by Bahrain's aluminum company, known as Alba, for $85 million.
Alba had accused Alcoa of funneling bribes through a middleman to induce Alba to buy the raw material alumina at inflated prices.
Alcoa admits no wrongdoing in the settlement, the company said in a press release.
"Alcoa said the settlement with Alba represents the best possible outcome and avoids the time and expense of complex litigation," according to the release.
The payment will be made in two installments, one now and the other in a year, according to the release.
Alcoa and Alba have also reached an agreement to under which the former will resume supplying alumina to the latter, according to the release.
The Department of Justice and Securities and Exchange Commission have said in court proceedings that they are probing Alcoa's past dealings with Alba.
First Published October 9, 2012 12:04 pm