Word: shleifer
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Dates: during 2000-2009
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Harvard will pay $26.5 million to the U.S. government to settle a five-year-old lawsuit that implicated two University employees, including its star economics professor, Andrei Shleifer ’82, the Justice Department announced Wednesday...
...Shleifer, who is Jones professor of economics, emerged far less scathed in the settlement, agreeing to pay just $2 million. He had faced damages of up to $104 million for conspiring to defraud the government while advising a U.S.-funded program to privatize the Russian economy in the 1990s...
...settlement came more than a year after a judge in U.S. District Court found Shleifer and Hay liable for fraud, after they made personal investments in Russia while advising the program for the now-defunct Harvard Institute for International Development. Conflict-of-interest provisions in their contracts with the government strictly prohibited such investments, which totaled several hundred thousand dollars...
...University, in a lesser judgment by Woodlock, was found liable for up to $34.8 million, the amount paid to Harvard by the government after the first improper investments by Shleifer...
...press release that made no mention of Shleifer or Hay, the University said it was glad to put the matter to rest...