Corporate Scandals

Tyco to Pay $27 Million for Bribery Charges

Allegedly bribed officials in more than a dozen countries to win or retain business

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Tyco International agreed Monday to pay the government nearly $27 million to settle charges leveled against some of its foreign subsidiaries, which allegedly bribed officials in more than a dozen countries to win or retain business.

The Securities and Exchange Commission and the Justice Department, which brokered separate settlements with Tyco, said the Switzerland-based company voluntarily flagged the U.S. government to the illegal payments after conducting an internal review. Tyco is a major manufacturer of security, fire-protection and energy-related products.