Sculptor Capital Management Inc. has agreed to pay $136 million to a group of former investors in a Congolese mine who were found by a court to be victims of a decade-old bribery scheme involving the hedge fund.
The proposed settlement would resolve a claim that has hung over Sculptor since shortly after it agreed to settle U.S. criminal charges related to the bribery scheme in 2016. The claim has prevented the hedge fund from finalizing part of that agreement.
Bribery victims can be difficult to identify, and they rarely come forward to ask for restitution in cases such as the one involving Sculptor. The $136 million settlement is believed to be the first time a company has compensated victims of bribery under the U.S. Foreign Corrupt Practices Act, according to FCPA lawyers. The FCPA is an antibribery law that prohibits companies from paying bribes to foreign government officials.