Nokia Will Receive $97M From Ericsson For 2019 Claim Settlement

Benzinga2021-05-12

Telefonaktiebolaget L M Ericsson (NASDAQ: ERIC) hasreached a settlementagreement with Nokia Oyj (NYSE: NOK) on a 2019 U.S. DOJ and SEC investigation into Ericsson’s violations of the U.S. Foreign Corrupt Practices Act (FCPA).

The investigations were related to criminal charges of books, records, and internal controls violations of the FCPA and bribery.

Ericsson will pay a penalty of $97 million (€80 million) for uncertainty, risk, and expense from the prolonged and complex litigation.

The settlement will affect Ericsson’s Q2 2021 EBIT and cash flow by €80 million and €26 million, respectively.

The remainder of the settlement amount will be made in similar installments in 2022 and 2023, impacting the cash flow.

The settlement amount will be recorded as ‘Other Operating Expenses.’ Further details of the terms of the settlement are confidential.

Price action:NOK shares traded lower by 1.42% at $4.86, while ERIC shares traded higher by 0.15% at $13.31 in the premarket session on the last check Wednesday.

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Comments

WildFoE
2021-05-13
WildFoE
[Cool]
Ray140101
2021-05-12
Ray140101
Rich leaw...
Slowdownpok
2021-05-12
Slowdownpok
Nokia Nokia… without Ericsson… are you able tosurvive?
- Dittosg:
  Ericsson still got $$?

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