Branham Law Group, LLP Announces Investigation of Aon Corporation for Possible Foreign Corrupt Practices Act Violations
March 15 2012 - 1:49PM
Business Wire
Branham Law Group, LLP announces that it is investigating Aon
Corporation and certain of its officers and directors for potential
breaches of fiduciary duties in connection with bribery allegations
as well as potential violations of the Foreign Corrupt Practices
Act ("FCPA").
Investors who have held Aon stock since at least 2007 (NYSE:AON)
-- or anyone with information about this investigation -- should
contact the Branham Law Group, LLP at tbranham@branhamlawgroup.com
or call (855) 722-5910.
In January 2009, Aon Limited, Aon’s principal U.K. brokerage
subsidiary, entered into a settlement agreement with the Financial
Services Authority (“FSA”) to pay a £5.25 million fine arising from
its failure to exercise reasonable care to establish and maintain
effective systems and controls to counter the risks of bribery
arising from the use of overseas firms and individuals who helped
it win business.
According to the SEC, Aon’s subsidiaries made over $3.6 million
in improper payments between 1983 and 2007 to secure or retain
insurance business in Costa Rica, Egypt, Vietnam, Indonesia, the
United Arab Emirates, Myanmar and Bangladesh. From these payments
Aon profited to the tune of $11.4 million. The U.S. Securities and
Exchange Commission (“SEC”) announced that Aon, without admitting
or denying the allegations, agreed to pay a total of approximately
$14.5 million in disgorgement and prejudgment interest to the SEC.
Aon will also pay a $1.764 million criminal fine to the U.S.
Department of Justice (DOJ).
Damaged Aon shareholders who have held shares since at
least 2007 have the option filing a class action lawsuit to recover
damages incurred as a result of these disclosures.
The Branham Law Group, LLP has extensive experience in
securities and commercial litigation and handled claims of investor
fraud, partnership oppression, shareholder derivative suits, and
class actions of all types. The Branham Law Group also advises
whistleblowers on appropriate courses of action.
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