Baxter to Pay $18 Million to Settle SEC Accounting Allegations

Baxter International Inc. agreed to pay $18 million to settle U.S. regulators’ claims that it improperly accounted for foreign exchange transactions for more than a decade.

The Securities and Exchange Commission said on Tuesday that from at least 1995 to 2019 the medical product manufacturer failed to follow U.S. generally accepted accounting principles when converting the results of its international subsidiaries. In addition, for about a decade, Baxter used internal transactions to generate foreign-exchange accounting gains or to avoid losses, the SEC alleged.

“Baxter’s self-reporting and substantial cooperation in working with the staff in this complex investigation was an ...