ZTE to Pay $1.2B Penalty for Selling Technology to Iran

ZTE Corp. has agreed to pay as much as $1.2 billion for violating U.S. laws restricting the sale of American technology to Iran, ending a year of uncertainty about its ability to do business in the world’s biggest economy. The agreement with the U.S. government calls for the company to pay $892 million in fines and forfeitures and be subject to an additional $300 million in penalties if it violates the terms of the settlement.