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Alba, Alcoa settle US civil lawsuit
- Bahrain: Thursday, October 11 - 2012 at 02:00
Alcoa Inc., the world's third-largest producer of aluminium has said it has reached a settlement agreement with Aluminium Bahrain (Alba) resolving a civil lawsuit that had been pending in a US District Court since 2008. Without admitting any wrongdoing, the metals giant has agreed pay $85m in cash to settle the civil racketeering and fraud suit filed by Alba, which alleged that the American company had orchestrated a 15-year-long scheme to corrupt senior Alba officials and others in the Bahraini government to secure favourable contracts. The two companies have also resumed a commercial relationship and have signed an Alumina Price Index-based, long-term alumina supply agreement.
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