Key Developments: Aon PLC (AON)
18 Dec 2013
Latest Key Developments (Source: Significant Developments)
Faruqi & Faruqi, LLP announced that it is investigating the Board of Directors and Officers of Aon Corporation (Aon or the Company). The investigation focuses on possible breaches of fiduciary duties by the Board of Directors and/or Officers of the Company in connection with allegations that the Company violated the Foreign Corrupt Practices Act (FCPA). Specifically, Aon has entered into a non-prosecution agreement with the Department of Justice and agreed to pay a $1.76 million penalty to resolve violations of the FCPA. Aon also reached a settlement with the Securities and Exchange Commission (SEC) and agreed to pay approximately $14.5 million in disgorgement and prejudgment interest. The SEC complaint alleges that Aon made over $3.6 million in improper payments to various parties between 1983 and 2007 as a means of obtaining or retaining insurance business in several countries. Funds were used to reimburse officials for non-training related activity, including travel with spouses to overseas tourist destinations, or for uses that could not be determined from Aon's books and records and which did not include any recorded business purpose. Full Article
Nov 27 - The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email to email@example.com.