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US court dismisses Iraq's lawsuit against ABB
- Iraq: Thursday, February 07 - 2013 at 07:01
A court in the US has dismissed a lawsuit filed by Iraq against ABB that alleged a unit of the world's biggest electricity-networks builder conspired with Saddam Hussein's regime over an oil-for-food programme, Bloomberg has reported. In 2010, ABB agreed to pay about $58.3m to resolve claims by US prosecutors and regulators that its units made corrupt payments to win business in Mexico and Iraq and violated the Foreign Corrupt Practices Act, which bars companies from paying foreign officials to gain a business advantage. US District Judge Sidney Stein in New York dismissed the suit saying that while Iraqi people had seen their natural resources "plundered and sold at fire-sale prices" and had legal standing to attempt to recover damages, Iraq couldn't recover for wrongdoing and actions that occurred outside the US.
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