ITT Corporation - Summary of Law Enforcement Action

On February 11, 2009, the SEC filed a settled civil injunctive action in the U.S. District Court for the District of Columbia against ITT Corporation (ITT), a New York-based, global multi-industry company, alleging violations of the books and records and internal controls provisions of the FCPA. According to the SEC‘s complaint, ITT‘s violations of these provisions resulted from payments to Chinese government officials by ITT‘s wholly owned Chinese subsidiary, Nanjing Goulds Pumps Ltd. ("NGP").