Aon Corporation (AON) Reaches $16.3M Settlement Agreement with DOJ and SEC
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Aon Corporation (NYSE: AON), today said it has agreed to a settlement agreement of approximately $16.3 million with the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) relating to certain payments made in overseas jurisdictions between 1983 and 2007.
(Logo: http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)
Specifically, Aon has agreed to pay $1.76 million to the DOJ as part of a non-prosecution agreement and approximately $14.55 million to the SEC in disgorgement and interest to settle a civil action. The company expects no impact on fourth quarter results as the settlement amounts were accrued for in prior periods.
In the non-prosecution agreement, the DOJ cited Aon's extraordinary cooperation; its timely and complete disclosure of the facts; the early and extensive remedial efforts undertaken by the firm, including the substantial improvements Aon has made to its anti-corruption compliance procedures; and Aon Limited's prior settlement of these matters with its U.K. regulator. Aon Limited is the insurance brokerage and risk management business of Aon in the United Kingdom.
Since beginning an internal review of these issues in 2007, Aon has put in place a comprehensive, global and robust anti-corruption program designed to prevent and detect improper conduct. As part of a related settlement in 2009, Aon Limited's regulator, the U.K. Financial Services Authority (FSA), stated that "the pro-active determination of Aon Ltd.'s current senior management to identify past issues and improve the firm's systems and controls in this area is a model of best practice that other firms may wish to adopt."
(Logo: http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)
Specifically, Aon has agreed to pay $1.76 million to the DOJ as part of a non-prosecution agreement and approximately $14.55 million to the SEC in disgorgement and interest to settle a civil action. The company expects no impact on fourth quarter results as the settlement amounts were accrued for in prior periods.
In the non-prosecution agreement, the DOJ cited Aon's extraordinary cooperation; its timely and complete disclosure of the facts; the early and extensive remedial efforts undertaken by the firm, including the substantial improvements Aon has made to its anti-corruption compliance procedures; and Aon Limited's prior settlement of these matters with its U.K. regulator. Aon Limited is the insurance brokerage and risk management business of Aon in the United Kingdom.
Since beginning an internal review of these issues in 2007, Aon has put in place a comprehensive, global and robust anti-corruption program designed to prevent and detect improper conduct. As part of a related settlement in 2009, Aon Limited's regulator, the U.K. Financial Services Authority (FSA), stated that "the pro-active determination of Aon Ltd.'s current senior management to identify past issues and improve the firm's systems and controls in this area is a model of best practice that other firms may wish to adopt."
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