The SEC said in an enforcement order Thursday that Sweden’s Telia Company AB will disgorge $457 million to resolve FCPA violations in Uzbekistan.… Continue Reading
We’ll spend a number of posts this month explaining what is good about the Pilot Program and what may be better. The last post explained the four (not three) requirements the Program establishes — voluntary disclosure, cooperation, remediation, and disgorgement — and how some of those terms have been carefully (re)defined.… Continue Reading
There have been seven declinations under the DOJ’s Pilot Program since it launched in April 2016. The most recent one was in June this year involving CDM Smith Inc.
The Pilot Program gives companies incentives to self-disclose FCPA violations, and to cooperate, remediate, and disgorge.… Continue Reading
As readers of the FCPA Blog are aware, the Pilot Program requires voluntary self-disclosure and cooperation with the government in order to be eligible for a declination from the DOJ.
Since the Pilot Program’s inception, three public companies have disgorged profits to the Securities and Exchange Commission in return for a declination from the DOJ.… Continue Reading
Since the DOJ launched the Pilot Program in April 2016 to encourage companies to self-report FCPA violations and cooperate with the feds, the DOJ has published seven declination letters addressed to companies under investigation.… Continue Reading
Privately held CDM Smith Inc. entered into a declination with disgorgement Thursday with the Justice Department to resolve FCPA offenses in India.
The DOJ said employees and agents of CDM Smith and a wholly owned subsidiary in India paid $1.18… Continue Reading
Two American units of Germany’s Linde Group received a declination with disgorgement from the DOJ Friday for FCPA offenses in the Republic of Georgia.
Under the declination pursuant to the FCPA Pilot Program, Linde North America Inc.… Continue Reading
The U.S. Supreme Court issued its highly anticipated opinion in Kokesh v. SEC Monday, unanimously holding that the SEC’s use of disgorgement operates as a penalty under federal law and is therefore not freed from the five-year statute of limitations.… Continue Reading
The U.S. Supreme Court Monday ruled 9-0 to limit the Securities and Exchange Commission’s legal authority to recover ill-gotten profits from defendants.
The Supreme Court in Kokesh v. SEC said the SEC’s use of the remedy known as disgorgement is subject to a five-year statute of limitations.… Continue Reading
A DOJ official said Friday the Pilot Program won’t expire on April 5 but will continue while the agency evaluates how the program has worked and whether it should be extended or changed.… Continue Reading
Sociedad Química y Minera de Chile SA agreed Friday to pay $30.5 million to resolve criminal and civil Foreign Corrupt Practices Act charges that it bribed Chilean politicians to influence government policies and plans.… Continue Reading
Practice Alert: Supreme Court to decide whether 5-year statute of limitations applies to disgorgement
In a key development of relevance to the FCPA bar, the U.S. Supreme Court Friday accepted cert in Kokesh v. SEC (16-529). The issue presented in the cert petition is: “Whether the five-year statute of limitations in 28 U.S.C.… Continue Reading