Word: shleifer
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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, the 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 making 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...
...Shleifer, a close friend of University President Lawrence H. Summers, has continued teaching at Harvard since the suit was filed in 2000. The University has not announced any disciplinary action against him. Hay, now a lawyer in London, was fired by Harvard after the program disbanded...
Harvard and Shleifer faced separate ultimate judgments, but as a practical matter, their fates were intertwined. Lawyers for both the University and the professor worked closely since the start of the lawsuit, and Harvard participated in Shleifer’s defense at a brief trial this December that resolved a technical issue in the case...