Biomet statement on bribery settlement

March 26, 2012, 10:52 PM UTC

Earlier today we wrote about how medical device maker Biomet had agreed to a $22 million settlement with the SEC over alleged violations of the Foreign Corrupt Practices Act. The company has now issued the following statement:

Biomet is glad to have reached a resolution on this matter.

Biomet takes its global compliance program very seriously, and fully cooperated with the U.S. DOJ and U.S. SEC throughout the investigation. In addition, Biomet has conducted its own extensive internal  investigations, compliance assessments, and audits.

Biomet is proud of the significant improvements we have made in our program over the past several  years, including the rollout of a Global Anti-Corruption Policy, Global Operating Procedures, and the expansion of best practices developed in the United States to Biomet affiliates outside of the United States. We have significantly enhanced our global compliance procedures and financial controls, and we fully intend to work with the independent monitor and the Department of Justice and Securities and Exchange Commission to bolster our FCPA compliance practices and procedures.

Biomet has long been committed to upholding the highest standards of ethical and legal conduct  both in the United States and abroad. Moving forward, we intend to continue to adhere to our enhanced global compliance procedures, and to promote the Company’s commitment to the highest ethical standards in all the markets that we serve.