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Oh The Hypocrisy

In this recent opinion column, John Podesta (the chair of Hillary Clinton’s 2016 presidential campaign) calls SEC Chair Jay Clayton “a public critic of the FCPA.”

However, just because one voices some concerns as to how the FCPA is enforced (as a committee that Clayton chaired did in a 2011 report titled “The FCPA and its Impact on International Business Transactions – Should Anything Be Done to Minimize the Consequences of the U.S.’s Unique Position on Combating Offshore Corruption?”) does not make one a “public critic of the FCPA” (the law itself).

In recent years there was a high-profile and vocal critic of not only how the FCPA was enforced, but the FCPA itself. And that person was Andrew Weissmann, who in January 2015 joined the Obama Department of Justice to become Chief of the DOJ’s Fraud Section.

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Friday Roundup

Roundup

Quotable, no reliable way to measure, Microsoft explains, scrutiny alert, a direct selling license in China, and offensive use of the FCPA. It’s all here in the Friday roundup.

Quotable

Some think – or at least I’ve been told – that certain of my Foreign Corrupt Practices Act views are controversial or out of the “main stream” (whatever the “main stream” actually is or means). Yet, I am confident that much of what I write and talk about represents silent majority views.

Indeed, as I’ve commented before, one of the interesting things about writing about the FCPA and related issues on a daily basis is that often I just need to wait for a former FCPA enforcement official to say the same thing. 

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Friday Roundup

Roundup

Offensive use of the FCPA, a weekend homework assignment, already answered, scrutiny alert, and for the reading stack. It’s all here in the Friday roundup.

Offense Use of the FCPA

FCPA Ripples highlights, among other things, how the FCPA is increasingly being used offensively including in connection with battles for corporate control.

The latest example concerns Elliott Management Corporation’s efforts to unseat board members at Arconic Inc. The recent departure of Arconic’s CEO Klaus Kleinfeld for apparently threatening Elliott Management (an existing Arconic shareholder) was all over the news (see here for example) and this recent Elliott Management letter to Arconic shareholders assails the “poor judgment” of Arconic’s board including the following.

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Scrutiny Alerts and Updates

scrutiny alert

Late April or early May is when foreign issuers tend to file Form 20-F’s with the SEC and as highlighted in this post several foreign issuers from Brazil, Peru, the U.K. and South Korea disclosed Foreign Corrupt Practices Act scrutiny.

But first, Cognizant Technology Solutions appears to continue to “boil the ocean” in terms of pre-enforcement action professional fees and expenses and Misonix is hit with a civil lawsuit connected to its FCPA scrutiny.

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Government Of Bermuda Sues Lahey Clinic Inc, In U.S. Court, Alleging Various Bribery Related Offenses

lahey

Foreign Corrupt Practices Act enforcement by the DOJ/SEC generates much interest.

However, just as interesting (perhaps more interesting because there is actual judicial scrutiny) is civil litigation which touches upon FCPA issues. (This dynamic was discussed in FCPA Ripples).

A most interesting civil case to pass along as the Government of Bermuda recently filed this civil complaint against Lahey Clinic Inc., a non-profit academic medical center incorporated in Massachusetts, alleging various bribery related offenses.

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