Post by Logan on Feb 8, 2017 4:55:22 GMT -6
Redflex to pay $20 million to Chicago to settle lawsuit over red-light camera bribery
Chicago's beleaguered former red-light camera vendor, still reeling from a $2 million bribery scandal that nearly brought down the international business, has agreed to pay $20 million to the city to settle its lawsuit over the company's admitted fraud.
According to a 12-page settlement agreement, Redflex Traffic Systems Inc. agreed to pay the city in mostly annual installments through 2023. The first installment of $5 million is due within 45 days, according to the agreement.
Michael Finn, Redflex's president and CEO, said in a prepared statement he hopes the agreement marks the end of the company's struggles in the U.S. stemming from the Chicago scandal. Redflex is still under investigation by federal authorities in Australia, home to the company's publicly traded parent company, Redflex Holdings.
"Today marks a new beginning for Redflex," Finn said. "Over the last four years, we took the actions every responsible company would have chosen and enhanced our compliance management, training and oversight functions. ... Thanks to our resilient and remarkable employees, we are well-positioned for this new day."
Read more: www.chicagotribune.com/news/watchdog/redlight/ct-red-light-cameras-lawsuit-settled-met-20170206-story.html
Chicago's beleaguered former red-light camera vendor, still reeling from a $2 million bribery scandal that nearly brought down the international business, has agreed to pay $20 million to the city to settle its lawsuit over the company's admitted fraud.
According to a 12-page settlement agreement, Redflex Traffic Systems Inc. agreed to pay the city in mostly annual installments through 2023. The first installment of $5 million is due within 45 days, according to the agreement.
Michael Finn, Redflex's president and CEO, said in a prepared statement he hopes the agreement marks the end of the company's struggles in the U.S. stemming from the Chicago scandal. Redflex is still under investigation by federal authorities in Australia, home to the company's publicly traded parent company, Redflex Holdings.
"Today marks a new beginning for Redflex," Finn said. "Over the last four years, we took the actions every responsible company would have chosen and enhanced our compliance management, training and oversight functions. ... Thanks to our resilient and remarkable employees, we are well-positioned for this new day."
Read more: www.chicagotribune.com/news/watchdog/redlight/ct-red-light-cameras-lawsuit-settled-met-20170206-story.html