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Friday Roundup

Roundup

Seeking whistleblowers, scrutiny alert, and across the pond. It’s all here in the Friday roundup.

Seeking Whistleblowers

As highlighted in this previous post, a few months ago the Commodity Futures Trading Commission issued this enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Certain sources, including the FCPA Blog, falsely claimed that the CFTC is now investigating and prosecuting FCPA violations; however the CFTC advisory clearly concerns violations of the CEA. (See here for a recent FCPA Flash podcast on the topic).

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FCPA Flash Podcast – A Conversation With Andy Rickman Regarding FCPA Whistleblowers

Podcast Logo

The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with Andy Rickman (Rickman Law Group). Rickman represents whistleblowers in connection with FCPA issues and during the podcast he discusses: (i) how he became an FCPA whistleblower attorney; (ii) trends with respect to FCPA whistleblowers; and (iii) matters in which he has been involved including Teva (see here), Fresenius (see here) and Biomet (see here).

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Friday Roundup

Roundup

Whistleblower award, interesting observations, scrutiny update, why in the world, you lose some and you win some, and guilty plea. It’s all here in the Friday roundup.

Whistleblower Award

According to this report, “a former Brazilian surgeon who blew the whistle on a medical device company that allegedly bribed doctors to win business will get a $4.5 million award from U.S. regulators, according to his lawyers. The surgeon will get the money for playing a crucial role in helping the SEC uncover a bribery scandal at Biomet Inc. that spanned the globe. (See here for the SEC release).

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After Years Of Waiting, Teva Whistleblower Sues SEC To Speed Up Its Award Decision Making

waiting

“Justice delayed is justice denied’ and that maxim has equal force when an administrative agency, rather than a court, unreasonably delays the determination of federal rights.”

So begins this “Petition for a Writ of Mandamus Directed to the SEC To Compel Agency Action That Has Been Unreasonably Delayed” filed earlier this week in the D.C. Circuit Court of Appeals by a whistleblower in connection with the $519 million Foreign Corrupt Practices Act enforcement against Teva Pharmaceutical in late 2016. (see here for the prior post).

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Words Matter As Ninth Circuit Concludes In Wadler Matter That The FCPA Is Not A “Rule Or Regulation” Of The SEC

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These pages have closely followed the civil lawsuit of Sanford Wadler (the former General Counsel and Secretary of Bio-Rad Laboratories) against the company and certain executive officers and board members alleging various unfair employment practices including that Wadler was terminated for blowing the whistle on certain potential FCPA issues.

As highlighted in this previous post, Wadler’s claims were fully litigated and in February 2017 a jury awarded Wadler $2.9 million in back pay and stock compensation and $5 million for punitive damages. The district court doubled the compensatory award pursuant to Dodd-Frank for a total award of approximately $11 million. As highlighted in this previous post, Bio-Rad filed an appeal in the Ninth Circuit challenging various aspects of the trial court decision.

Yesterday in this fragmented decision the Ninth Circuit largely ruled in favor of Wadler. Nevertheless, the court did conclude that the Foreign Corrupt Practices Act was not a “rule or regulation of the SEC” as that phrase in used in Section 806 of SOX which prohibits in certain instances issuers from retaliating against an employee who reports misconduct.

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