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Sweden's Ericsson to pay over $1billion to resolve bribery allegations

Shortpedia

Content Team

The US Department of Justice announced that Sweden's telecoms giant Ericsson will pay more than $1 billion (£760 million) to resolve allegations of bribery. The company "admitted to a years-long campaign of corruption in five countries to solidify its grip on telecommunications business". The settlement involves a $520 million criminal penalty to the justice department and $540 million to the Securities and Exchange Commission.