Ralph Lauren Corp., the retailer of its namesake brand clothing, will pay about $1.6 million to resolve U.S. regulatory and criminal claims that a subsidiary paid bribes to officials in Argentina from 2005 to 2009.
The apparel company reported violations of the Foreign Corrupt Practices Act to regulators after discovering it in a 2010 internal review, the Securities and Exchange Commission said today in a statement. New York-based Ralph Lauren signed a non-prosecution agreement to settle the cases.
Ralph Lauren agreed to pay $593,000 in disgorgement and $141,845.79 in prejudgment interest, the SEC said. The company will pay an $882,000 penalty in parallel criminal proceedings by the U.S. Justice Department, the SEC said.
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