Google reportedly close to settling with Justice Department

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Mountain View, Calif.—Google Inc. declined Friday to comment on a story in The Wall Street Journal reporting that the company is close to settling a criminal investigation by the U.S. Department of Justice. The investigation alleges that Google accepted ads from online pharmacies that violated U.S. laws. In its latest 10-Q, which was filed Tuesday with the Securities and Exchange Commission, Google said, “In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500 million for the three-month period ended March 31, 2011. Although we cannot predict the ultimate outcome of this matter, we believe it will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flows.”
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