Ralph Lauren to pay $1.6 million to resolve foreign bribery case

Clothing retailer Ralph Lauren Corp will pay more than $1.6 million to settle a criminal and civil investigation into allegations that one of its subsidiaries bribed government officials in Argentina.

The U.S. Justice Department said Ralph Lauren will pay an $882,000 penalty in exchange for a non-prosecution agreement, while the Securities and Exchange Commission said the company will disgorge more than $700,000 in illicit profits and interest.

(Reporting by Sarah N. Lynch and Aruna Viswanatha; Editing by Gerald E. McCormick)