The U.S. Department of Justice’s blockbuster announcement in late May that U.S. prosecutors have indicted fourteen defendants on corruption charges involving activities of the International Federation of Football (FIFA) and related regional member organizations captured news headlines around the world. The story has continued to dominate the news, as new details about the scandal have
The Troublesome Recent FCPA-Related Enforcement Action Involving the 2008 Beijing Olympics and Why It Matters
The dramatic pre-dawn arrest in Zurich of nine FIFA officials on bribery-related charges dominated the headlines last week. The FIFA corruption investigation news last week also overshadowed the resolution of an FCPA enforcement action involving different sports-related events – BHP Billiton’s sponsorship-related activities at the 2008 Summer Olympics in Beijing. Though the SEC’s enforcement action
The Anti-Corruption Enforcement Problem
For many years, the U.S. was the only country actively seeking to use its laws to fight corruption. However, more recently, a number of other countries have enacted their own anti-bribery laws while other countries have become more active in pursuing anti-bribery enforcement – including not only Germany, South Korea and Britain, but also Brazil
Corruption Allegations Lead to Securities Lawsuits
I was on a panel at a law firm event last week during which I was asked to make some predictions for 2015. Among other things, I said that I thought we would see an increase of securities class action lawsuit filings following in the wake of regulatory investigations, especially bribery investigations. I also said
A Tale of Two FCPA Follow-On Securities Lawsuits
I have frequently noted in prior posts that a frequent development after a company announces the existence of an FCPA investigation is the filing of a follow on civil action (refer, for example, here). But while plaintiffs’ lawyers often are eager to file these lawsuits, in many instances they prove to be unsuccessful (as
The Long Arm of U.S. Regulatory Enforcement and the Cross-Border Reach of U.S. Laws
One of the most distinctive aspects of the current global regulatory environment has been the increasing willingness of U.S. regulators to try to project U.S. enforcement authority outside the U.S. The cross-border assertion of U.S. regulatory authority has taken place across a broad range of regulatory and compliance issues, including, for example, antitrust, trade sanction,
Investors File Yet Another Securities Suit in the Wake of an FCPA Investigation
There is no private right of action under the Foreign Corrupt Practices Act (FCPA), but as I have frequently noted in prior posts, news of an anti-bribery investigation frequently is followed by a shareholder lawsuit based on allegations relating to the investigation. The latest example of this type of follow-on civil action involves the investment
More About Follow-On Securities Litigation After Overseas Investigative Actions
In my year-end survey of corporate and securities litigation, one of the trends I noted regarding the litigation that had been filed in 2013 was the rise in lawsuit filings following in the wake of governmental investigations and regulatory actions, particularly with respect to investigations and regulatory actions outside the United States. If two
Pace of FDIC Failed Bank Litigation Filings Slows
As it has been doing on a monthly basis during the current banking crisis, the FDIC has once again updated the page on its website describing the failed bank litigation that the agency has initiated. According to the latest update, as of April 12, 2013, the agency has now filed a total of 54
Foreign-Domiciled Individuals and the FCPA’s Reach
Among the more controversial questions about the U.S.’s Foreign Corrupt Practices Act has been the extent of its reach in enforcement actions against foreign-domiciled individuals. Two recent decisions from the Southern District of New York reached differing conclusions about the statute’s reach. One case rejected the individual’s motion to dismiss the FCPA enforcement action, while