Alcoa, the world's largest producer of primary aluminium and fabricated aluminium, has entered into a settlement with Aluminium Bahrain (Alba) to settle a lawsuit filed in the United States. The lawsuit had alleged that Alcoa had conspired with a businessman to orchestrate bribes in Bahrain and to overcharge Alba for alumina. Alba had sought damages in excess of US$1 billion.
The settlement, under which Alcoa admitted no liability, involves a cash payment from Alcoa to Alba of $85 million, payable in two instalments. The settlement also involves Alcoa recording a number of charges. Alcoa is still under investigation by the US Department of Justice (DoJ) and the Securities Exchange Commission (SEC).