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Corruption Settlements, Coronavirus And The Road Paved With Good Intentions

good intentions

A guest post today from Hughes Hubbard & Reed attorneys Kevin Abikoff and Aline Osorio.

In connection with the 2018 consolidated anti-corruption resolution with Petrobras, the Brazilian prosecutors as part of the settlement with Petrobras sought and obtained approval to allow payment of $682 million from the settlement to benefit education and the environment in Brazil.

On March 19, 2020, the Brazilian prosecutor general applied to the Brazilian Supreme Court to redirect the unspent portion of the settlement funds away from their original destination and instead to be used in the fight against the COVID-19 pandemic in Brazil.

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Deputy Solicitor General At The Supreme Court – “There Really Is No Obvious Universe Of Individual Victims From An FCPA Violation”

supremecourt

Earlier this week, the Supreme Court heard oral argument in Liu v. SEC.

As highlighted in this prior post, the question presented is “whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as ‘equitable relief’ for a securities law violation even though this Court has determined that such disgorgement is a penalty.”

As previously noted, even though Liu is not an FCPA matter the question presented in FCPA relevant given the prominence of disgorgement in SEC corporate FCPA enforcement actions.

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Friday Roundup

Roundup

Odebrecht’s plea agreement and obligations extended, scrutiny alerts, victims, and spot on. It’s all here in the Friday roundup.

Odebrecht

As highlighted in this prior post, in December 2016 Odebrecht (a Brazilian holding company) and Braskem (a related entity) resolved a high-profile FCPA enforcement action. Odebrecht was criminally charged with conspiracy to violate the FCPA’s anti-bribery provisions and resolved the charges through a plea agreement.

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Petroecuador Faces Uphill Climb In Seeking “Victim” Status

uphill

In recent years, several entities employing alleged “foreign officials” who receive bribe payments from individuals prosecuted for Foreign Corrupt Practices Act offenses have sought “victim” status under the Mandatory Victims Restitution Act.

(See here for more on the unsuccessful attempt by Instituto Constarricense de Electricidad of Costa Rica in connection with the Alcatel-Lucent FCPA enforcement action; see here for more on the unsuccessful attempt by a subsidiary of Petroleos de Venezuela, S.A. in connection with individual FCPA enforcement actions involving the entity).

In the latest attempt, Petroecuador is seeking “victim” status in connection with the FCPA enforcement action against Frank Chatburn (see here for more on the underlying enforcement action).

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