Avon To Pay $135 Million To Settle Cases Of Bribery

Avon Products said on Wednesday that it will pay a total of $135 million to settle cases, that the beauty products company's China subsidiary allegedly bribed government officials. The Securities and Exchange Commission had charged Avon with violating the Foreign Corrupt Practices Act, by failing to put controls in place to detect and prevent acts of bribery. The U.S. Department of Justice and the U.S. Attorney's Office also announced a similar case. Avon's stock, which was unchanged in after-hours trade, has dropped 46% this year through Wednesday's close, compared with an 8.9% rise in the S&P 500.