Gibson Guitar Settles Case Over Imported Wood

Originally published on August 8, 2012 2:39 pm
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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.


And I'm Renee Montagne. Transcript provided by NPR, Copyright NPR.