York International entered into a deferred prosecution agreement with the U.S. Department of Justice (DOJ) and a consent agreement with the U.S. Securities and Exchange Commission (SEC) resolving issues related primarily to activities involving certain overseas contracts.
The settlements include US$22 million in fines, interest and the disgorgement of past profits on the contracts. The financial settlements are not expected to materially impact the company as they have been fully provided for in prior periods. The investigation did not reveal any personal misconduct by York senior officers. The agreements with the DOJ and SEC also provide for an independent consultant to monitor York's compliance with all relevant laws.