Hobby Lobby president Steve Green has said the faith-based company has "accepted responsibility and learned a great deal" after agreeing to pay a $3 million fine and forfeit thousands of ancient artifacts that were smuggled from Iraq with improper labels.

"We should have exercised more oversight and carefully questioned how the acquisitions were handled," Green, who also serves as chairman of the board of Museum of the Bible, said in a statement. "Hobby Lobby has cooperated with the government throughout its investigation, and with the announcement of today's settlement agreement, is pleased the matter has been resolved."

He added, "We have accepted responsibility and learned a great deal. Our entire team is committed to the highest standards for investigating and acquiring these items. Our passion for the Bible continues, and we will do all that we can to support the efforts to conserve items that will help illuminate and enhance our understanding of this Great Book."

Hobby Lobby agreed Wednesday to the settlement with the US Attorney's Office for the Eastern District of New York, according to...

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