On December 19, 2008, ABB Ltd. (“ABB”), a Swiss power and automation technology company, announced that it set aside $850 million to prepare for possible costs related to a pricefixing investigation by European authorities, an investigation by U.S. authorities into “suspect” payments, and among other costs, write downs and charges relating to the weakened economy.25 In July 2007, ABB disclosed to the Department and to the SEC that it had discovered “‘suspect payments’ made by employees of company units in Asia, South America and Europe.”26 Previously, in July 2004, ABB paid $16.4 million to U.S. authorities in connection with FCPA violations related to its activities in Nigeria, Angola and elsewhere.