HOUSTON (CN) – Directors of Baker Hughes, worldwide oil services, failed to stop bribing foreign officials despite a court order to do so, shareholders claim in Federal Court. Shareholders say the “Code of Conduct” the company instituted in 2002, after the SEC sued it, “was a farce,” and the company continued paying “illegal bribes totaling millions of dollars … to foreign officials.”
Baker Hughes paid $44 million in April 2007 and was ordered to disgorge illegal profits to settle more bribery complaints, from the SEC and the Department of Justice, plaintiffs say, including an $11 million criminal fine.
Plaintiffs want restitution and exemplary damages from the Baker Hughes board members.
Plaintiffs’ lead counsel is Crowley Norman.