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Maxwell Tech To Pay $8M Fine In Bribery Case

SAN DIEGO (AP) - Maxwell Technologies Inc. has agreed to pay an $8 million fine stemming from federal charges that accused one of the company's subsidiaries of bribing Chinese government officials to secure sales of its products.

The San Diego energy storage company was charged with two counts of violating the federal Foreign Corrupt Practices Act. Federal prosecutors said Monday that they will drop the charges against Maxwell as long as the company abides by compliance efforts agreed upon by both sides.

Court documents accuse a company subsidiary of paying an agent more than $2.5 million to land contracts between 2002 and 2009. The agent, in turn, then allegedly bribed Chinese officials at state-owned entities.

Maxwell also has reached a $6.3 million settlement with the Securities and Exchange Commission for a related civil complaint.

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