On June 27, 2024, the Supreme Court issued its opinion in Securities Exchange Commission v. Jarkesy. The Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud, because these cases replicate common law fraud claims. S.E.C. v. Jarkesy, No. 22-859, slip op. at … Continue Reading
With its second of two landmark decisions impacting the future of federal agency enforcement, SCOTUS struck down the Chevron decision last week. In a 6-3 decision in Loper Bright Enterprises v. Raimondo, the Court shifted enforcement power away from agencies and to the federal courts. The implications of the Chevron decision are both significant and … Continue Reading
SPB’s Keith Bradley authored an article for Bloomberg Law covering a recent SCOTUS decision with significant ramifications: SEC v. Jarkesy. We believe that Jarkesy will decidedly shift the landscape of agency adjudication and regulatory enforcement. For the background and possible implications of this decision, read the full article at Supreme Court’s Jarkesy Ruling Upends SEC … Continue Reading
On December 22, 2023, President Biden signed into law the Foreign Extortion Prevention Act (hereinafter “FEPA” or the “Act”) which was passed by the US Congress as part of the Fiscal Year 2024 National Defense Authorization Act. The Act aligns with the current administration’s national security agenda in that it broadens the scope and reach … Continue Reading
In an onstage interview at the American Conference Institute’s 39th International Conference on the Foreign Corrupt Practices Act David Last, Chief of the FCPA Unit of Department of Justice, Criminal Division, Fraud Section, and David Fuhr, the Unit’s Assistant Chief, reflected on the year’s most pressing enforcement issues. Acknowledging that 2022 had been difficult for DOJ’s … Continue Reading
The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) quietly released updated guidance on the Foreign Corrupt Practices Act (FCPA) before the Fourth of July holiday weekend. Entitled A Resource Guide to the U.S. Foreign Corrupt Practices Act, Second Edition[1] (“Guide”), the Guide is the first update to the original document published … Continue Reading
On February 26, 2020, Judge Janet Bond Arterton, a federal judge for the District of Connecticut, overturned a former Alstom SA executive’s conviction under the Foreign Corrupt Practices Act (FCPA) relating to a project to build power plants in Indonesia. Judge Arterton found that, despite a jury verdict to the contrary, prosecutors failed to prove … Continue Reading
In 2018, the US Department of Justice (DOJ) issued many important policy updates and rollouts that will have far-reaching impact. Our firm’s Alert provides an easily navigated yet detailed summary of developments. Policy Shifts at the Department of Justice – 2018 in Review focuses on government investigations and white collar prosecutions. The Alert covers:… Continue Reading
The Second Circuit issued its judgment on the case we have been monitoring, U.S. v. Hoskins. The court held that the “government may not expand the extraterritorial reach of the FCPA by recourse to the conspiracy and complicity statutes.”… Continue Reading
Since being elected in 2010, Colombian President Juan Manuel Santos has been trying to have Colombia become a member of the Organization for Economic Co-operation and Development (OECD). As part of this endeavor, in January 2011, Colombia formally applied to become a participant of the Working Group on Bribery in International Business Transactions (the “Working … Continue Reading
In an effort to enhance its ability to investigate and prosecute Foreign Corrupt Practices Act (FCPA) cases, the Department of Justice’s (DOJ) Criminal Division has launched a new one-year FCPA pilot program effective April 5, 2016. The program has three main goals: Motivate companies to voluntarily self-disclose FCPA-related misconduct Motivate companies to fully cooperate with … Continue Reading
Anti-bribery and corruption has been a hot topic in the US for almost 40 years. The topic has historically however received much less attention within Europe. That is now changing as Europe is beginning to catch up and many European countries have already implemented anti-bribery laws much stricter than those in the US. Recent events … Continue Reading
This article was originally published by LexisNexis and is reproduced with permission. GlaxoSmithKline (GSK) has been fined £300 million and five of its employees given suspended prison sentences in China for bribery – but is this the end of the matter? What impact will the verdicts have on other multinational companies conducting business in China? … Continue Reading
On December 17 2012 Allianz SE, a major German insurance and asset management company, reached a settlement with the Securities and Exchange Commission (SEC) on charges of violating the Foreign Corrupt Practices Act (FCPA). In return for a payment of $12.3M SEC committed to abstain from further inquiries regarding the subject of the procedure – … Continue Reading
On November 14, 2012, the Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”) released A Resource Guide to the Foreign Corrupt Practices Act. In its 10 chapters, the Guide provides an overview of the current state of the FCPA as interpreted by the courts, the DOJ and the SEC. In addition to setting … Continue Reading
In an unprecedented blow to the government’s assertion of jurisdiction under the Foreign Corrupt Practices Act (FCPA), United States District Judge Richard Leon, presiding over the so-called Shot Show Sting cases, granted the Rule 29 acquittal motion of Defendant Pankesh Patel on the ground that the government could not establish that jurisdiction over “persons other … Continue Reading
It certainly seems like 2010 has been a busy year for FCPA enforcement actions. We’ve now tallied all the reported ones (including criminal, civil and SEC administrative actions) that have been resolved as of December 16th, and the grand tally is…71. Busy indeed. Read the highlights for yourself and kudos to Squire Sanders Anti-Corruption/FCPA Group members Rebekah … Continue Reading
