News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
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Andy Spalding
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Jessica Tillipman
Senior Editor
Bill Steinman
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Richard L. Cassin
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Elizabeth K. Spahn
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Cody Worthington
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Julie DiMauro
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Thomas Fox
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Marc Alain Bohn
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Bill Waite
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Russell A. Stamets
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Richard Bistrong
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Eric Carlson
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For the third time, Baker Hughes has beaten back a derivative suit based on its 2007 settlement of Foreign Corrupt Practices Act violations. It paid $44 million to resolve enforcement actions by the Justice Department and Securities and Exchange Commission related to bribery in Kazakhstan. Since then, plaintiffs have tried to sue in state […]
[…] Business and Ethics Roundtable (GHBER) will hold its first Ethics and Compliance Awards Dinner in honor of the 20-year anniversary of the organization’s founding. We will award the Bette Stead Leadership Award (Stead is the founder of GHBER) to Jay Martin, Vice President, Chief Compliance Officer and Senior Deputy General Counsel at Baker Hughes Inc.
Texas-based oil and gas services firm Baker Hughes once held the record for the biggest FCPA settlement of all time.
[…] to the SEC is not part of the fine calculation under the sentencing guidelines. And removing disgorgement changes some of the ratios Bruce talked about. In Baker Hughes’ case, for example, the penalties without disgorgement were $21 million instead of $44 million. Baker’s DPA at paragraph 24 of the statement of facts says: “Net […]
[…] million settlement on Monday of Foreign Corrupt Practices Act violations as Beamonesque, considering that it surpassed the existing FCPA settlement record by $755.9 million. Before Siemens, Baker Hughes‘ April 2007 payment of $44.1 million (including penalties and disgorgement) was the biggest in an FCPA case. Baker Hughes, we think, won’t be sorry to relinquish […]
[…] enforcement action against an issuer. Note: A 2001 civil case, SEC v. Eric L. Mattson and James W. Harris, involved allegations that the defendants (employees of Baker Hughes) violated the FCPA anti-bribery and accounting provisions, and aided and abetted Baker Hughes’s violations, by bribing an Indonesian tax official. Mattson and Harris argued that the […]
Since we first listed the top ten FCPA disgorgements a year ago, two new companies joined the list — Johnson & Johnson and Magyar Telekom. They replaced GE and Baker Hughes.
Hughes Hubbard has published a new version of its FCPA & Anti-Bribery Alert. It’s a tremendous resource for compliance professionals.
Hughes Hubbard’s FCPA/Anti-Bribery 2013 Alert is a 432-page report covering an expansive list of corruption enforcement, including FCPA and related actions in 2013, plus a retrospective of the major FCPA cases since 2005.
Image courtesy of Hughes HubbardHughes Hubbard, a long-time sponsor of the FCPA Blog, has published once again a new version of its FCPA/Anti-Bribery Alert, an invaluable resource for compliance professionals. The 508-page Alert is available here.