Ralph Lauren Corp. settled charges from the Securities Exchange Commission ("SEC") and U.S. Department of Justice that it had paid bribes to foreign customs officials in Argentina in violation of the Foreign Corrupt Practices Act ("FCPA"). The 1977 FCPA prohibits U.S. companies and companies listed on U.S. stock exchanges from bribing foreign officials. The settlement amount of $1.6 million will end investigations over the bribery which is said to have spanned four years from 2005 to 2009 made by a RL subsidiary to custom officials in order to obtain entry of RL's products into the country without necessary paperwork, to avoid inspections of prohibited products and inspections by customs officials.
