A Glencore lawyer on Tuesday said the company now expects to pay as much as $1.5 billion in total penalties, up from the $1.2 billion it initially agreed to pay last year.
Glencore faced several restitution claims after agreeing to its settlement last year, including from Petróleos Mexicanos SA de CV, or Pemex, Mexico’s state-owned oil company.
The negotiated monetary penalty paid by the Glencore subsidiary is lower than what is called for under federal sentencing guidelines, a reflection of Glencore’s cooperation, Judge Schofield said at Tuesday’s sentencing.
Glencore gave prosecutors more than a million documents, including from overseas, where prosecutors lack subpoena power, the judge said.
The company also agreed to overhaul its compliance program and will be under an independent monitorship for three years, she said.