Device Firm Settles Allegations of Violating Trade Sanctions

EP MedSystems Inc. (West Berlin, NJ) said it will pay $244,000 to settle claims by the US Department of Commerce that it shipped products to Iran in 2004 and earlier in violation of trade sanctions, reports the Philadelphia Inquirer. The firm, which makes cardiac monitoring equipment, did not admit or deny any guilt and said it will likely settle with the US Treasury Department as well. It may still face sanctions from the Securities and Exchange Commission and other agencies.