The Olympus Settlement – What It Can Tell Us About the Compliance Officer
When dissecting recent settlements, we normally look at the underlying events and process failures. The recent Olympus settlement, however, provides us a rare glimpse into the nature of the Compliance Officer himself and how that can affect matters.
In March, we reported that medical equipment giant Olympus Corp. of the Americas (OCA) and its Miami- based subsidiary Olympus Latin America (OLA) had reached a settlement with the Department of Justice to pay a combined $646 million in civil awards and criminal penalties to the federal and various state governments, and reform its compliance program. The settlement is the largest ever for a medical device manufacturer accused of violating the Anti-Kickback Statute.