CORRECTED-Noble Corp execs to pay nothing in U.S. SEC bribery settlement

Thu Jul 3, 2014 10:48pm GMT

(Corrects date to July 9 instead of next Monday, paragraph 2)

By Nate Raymond

July 3 (Reuters) - Two Noble Corp executives will pay no money to resolve claims by the U.S. Securities and Exchange Commission they participated in a bribery scheme to obtain permits for oil rigs in Nigeria, according to court records filed Thursday.

Mark Jackson, Noble's former chief executive officer, and James Ruehlen, director of the oil and gas services company's Nigerian subsidiary, had until recently been set to face off against the SEC at trial in Houston on July 9.

Instead, the trial was called off Tuesday owing to a settlement. Final judgments signed by U.S. District Judge Keith Ellison on Thursday contained injunctions against Jackson and Ruehlen but, in a rarity for an SEC settlement, no financial penalty.

The deal also does not restrict the two men's current or future employment, the defendants' lawyers said. The settlement was for a limited set of claims, they said, and had no admission of wrongdoing.

David Krakoff, Jackson's lawyer at law firm BuckleySandler, in a statement said the settlement would allow his client to "move forward with his life and career."

Joseph Warin, a lawyer for Ruehlen at Gibson, Dunn & Crutcher, said the settlement "satisfactorily ends the matter and allows Jim to focus his energies on his work for Noble."

Spokesmen for the SEC did not respond to requests for comment.   Continued...

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