By Samuel Rubenfeld and Christopher M. Matthews
Avon Products Inc. added law firm Cravath Swaine & Moore LLP to its legal team as the cosmetics company inches closer to resolving a foreign-bribery probe, people familiar with the matter said.
The company, which has already spent hundreds of millions of dollars in legal costs relating to the investigation, brought Cravath on to disclose the findings of an internal probe to shareholders and U.S. authorities as they negotiate a resolution to the case, one of the people said.
“We hired additional counsel,” said Avon spokeswoman Jennifer Dwyer Vargas, who declined further comment.
The Wall Street Journal previously reported that Avon Chief Executive Sheri McCoy, frustrated with the pace of Avon’s internal probe, had pushed to bring in a second law firm for advice on the progress of the investigation and interviewed other firms.