Novartis AG Settles SEC FCPA Investigation into Use of Chinese Travel Agencies

On March 23, 2016, the SEC announced a settlement with Cravath client Novartis AG that ended an investigation concerning Novartis’s use of travel agencies in China. Pursuant to the settlement, Novartis agreed to pay $25 million to settle claims that it had violated the FCPA’s internal controls and books and records provisions, without admitting or denying the charges.

The Cravath team included partner Rachel G. Skaistis.