As observers have been monitoring the evolving policies and priorities of the Department of Justice in the Trump administration, one of the questions has been what the agency’s approach will be to the guidelines laid out in the so-called Yates Memo. The Yates Memo, named for its author, the former Deputy Attorney General and former Acting Attorney General Sally Yates, reflected a commitment to holding individuals accountable for corporate wrongdoing. In a recent speech, the current Deputy Attorney General Rod J. Rosenstein addressed the question of the current administration’s approach to individual accountability. His October 6, 2017 speech, a copy of which can be found here, appears to suggest that the current administration likely will continue to pursue the policies reflected in the Yates Memo. However, as discussed below, what that may mean in practice remains to be seen.
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Will the DOJ Priorities in the Yates Memo Continue in the New Administration?
Among the many questions surrounding the new incoming Presidential administration is the question of what direction the Trump administration will go with criminal and regulatory enforcement. And among the many specific questions under that topic heading is the question of whether or not the Department of Justice will continue the current agency policy of giving priority to holding individuals accountable for corporate wrongdoing. Based on early signs, all indications are that the current policy, embodied in the so-called Yates Memo, will continue under the new administration.
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The Yates Memo and Civil Liability for Corporate Directors and Officers
It has now been over a year since the U.S. Department of Justice released the so-called Yates Memo, in which the agency stated its policy focused on individual accountability for corporate wrongdoing. As attorneys from the McDermott, Will & Emery firm noted in an October 11, 2016 post on the Harvard Law School Forum on Corporate Governance and Financial Regulation blog (here), since the Yates Memo went into effect, observers have been watching for “telltale signs of whether the Yates Memo is really changing the way federal enforcement does business.” According to the blog post, two recent False Claims Act settlements that required corporate executives to make substantial monetary contributions to resolve civil enforcement actions filed against them may suggest that the anticipated Yates Memo-related change has arrived.
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