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5 Highest Fines in Medtech—Bio-Rad Laboratories

Article-5 Highest Fines in Medtech—Bio-Rad Laboratories

Bio-Rad Laboratories Inc.—$55 million

Bio-Rad Laboratories—$55 million

Bio-Rad Laboratories Inc., a company selling research equipment and diagnostics products, was charged in November 2014 with bribing officials in Russia, Vietnam, and Thailand and ordered to pay a total fine of $55 million. According to the SEC, this included a $40.7 million in disgorgement to the SEC and a $14.35 million DOJ criminal fine. 

The SEC claimed that Bio-Rad Laboratories didn't have proper internal controls in place to prohibit or catch bribes totalling approximately $7.5 million over five years. Bio-Rad made $35 million in profits from these bribes. The company was credited for disclosing the offenses on its own and working with SEC throughout the probe.

The case was examined by SEC's Foreign Corrupt Practices Act unit, with help from the DOJ, FBI, Bank of Lithuania, Financial and Capital Market Commission of Latvia, and British Virgin Islands Financial Services Commission, according to the SEC release.               

Bio-Rad Laboratories Inc. fine: $55 million



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