Herbalife settles

The SEC announced that Herbalife Nutrition has agreed to pay $67 million to settle charges it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). A director at SEC said that the company’s inadequate internal accounting controls allowed an environment of corruption in the company’s Chinese subsidiary for more that a decade! The company will pay a criminal fine of more than $55 million to settle an action suit brought by the Department of Justice and the U.S. Attorney’s Office for the Southern District of New York.