Complex Made Simple

Alcoa offers Alba $45m or more to settle federal lawsuit

The world's third largest producer of aluminium, Alcoa Inc. has offered Aluminium Bahrain (Alba) at least $45m to settle a federal lawsuit that alleges Alcoa-related firms paid millions in bribes that resulted in the other company overpaying for raw materials, the Associated Press has reported. "We continue to maintain that the facts do not support the claims brought by Alba. However, we are open to settlement to avoid the time and expense of complex litigation," said Alcoa spokeswoman, Libby Archell.