Gibson Guitar Settles Case Over Imported Wood
STEVE INSKEEP, HOST:
And today's last word in business is a deal with some strings attached. You have no idea yet what a terrible pun that is. The final notes have been played in a criminal case federal prosecutors brought against Gibson Guitar Corporation.
The Justice Department is dropping its charges against the guitar maker for illegally buying and importing exotic wood - specifically, ebony from Madagascar and rosewood and ebony from India. The company will pay a penalty of $300,000 and give another $50,000 for conservation efforts.
In a statement about this settlement, the CEO said settling was more cost-effective than proving Gibson's case at trial.
And that's the business news on MORNING EDITION, from NPR News. I'm Steve Inskeep.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne. Transcript provided by NPR, Copyright NPR.