US hedge fund to pay $400 million in African bribery case

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Authorities in New York say a major U.S. hedge fund has agreed to pay more than $400 million to settle charges accusing it of using a web of middlemen to pay bribes to African officials.

The Securities and Exchange Commission announced a $200 million civil settlement on Thursday in the case against Och-Ziff (ahk-zif) Capital Management Group. The hedge fund was expected to pay another $213 million in criminal penalties in a related case filed in federal court in Brooklyn.

The SEC had accused Och-Ziff of being part of a scheme to secure mining rights and influence officials in Libya, Chad, Niger, Guinea and elsewhere. The Manhattan-based firm entered into the deal without admitting the SEC findings.

Och-Ziff CEO Daniel Och calls the case "a deeply disappointing episode."