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Top 20 SEC Disgorgement Amounts In FCPA Enforcement Actions

Disgorgement

The Foreign Corrupt Practices Act contains specific penalty provisions for both violations of the anti-bribery and books and records and internal control provisions. However, in the FCPA’s modern era there has been a dramatic shift by the SEC away from the FCPA’s statutory penalties in most corporate enforcement action towards disgorgement.

The 2004 FCPA enforcement action against ABB is believed to be the first FCPA enforcement in which the SEC sought a disgorgement remedy.

Since then, the SEC has secured approximately $5.4 billion in disgorgement (and associated pre-judgment interest) in approximately 160 corporate enforcement actions. Set forth below is the current top 20 list of SEC disgorgement (and associated pre-judgment interest) amounts.

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Issues To Consider From The Lifecore Enforcement Action

Issues

This previous post concerned the FCPA enforcement action against Lifecore Biomedical, Inc. (f/k/a Landec Corporation) in connection with alleged Foreign Corrupt Practices Act violations involving wastewater issues in Mexico.

This post highlights additional issues to consider.

Timeline

As highlighted in this prior post, in January 2020 Landec disclosed:

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Lifecore Resolves FCPA Enforcement Action Regarding Wastewater Issues In Mexico

wastewater

Yesterday, the DOJ released this so-called “declination with disgorgement” letter regarding Lifecore Biomedical, Inc. (f/k/a Landec Corporation) in connection with alleged Foreign Corrupt Practices Act violations involving wastewater issues in Mexico.

Pursuant to the letter agreement, Lifecore agreed to “disgorge” $406,505 in “costs avoided” (which of course is an interesting spin on disgorgement which is traditionally understood to mean relinquishment of unjust gains).

The letter agreement states in full:

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Top 20 SEC Disgorgement Amounts In FCPA Enforcement Actions

Disgorgement

The Foreign Corrupt Practices Act contains specific penalty provisions for both violations of the anti-bribery and books and records and internal control provisions. However, in the FCPA’s modern era there has been a dramatic shift by the SEC away from the FCPA’s statutory penalties in most corporate enforcement action towards disgorgement.

The 2004 FCPA enforcement action against ABB is believed to be the first FCPA enforcement in which the SEC sought a disgorgement remedy.

Since then, the SEC has secured approximately $5.4 billion in disgorgement (and associated pre-judgment interest) in approximately 160 corporate enforcement actions. Set forth below is the current top 20 list of SEC disgorgement (and associated pre-judgment interest) amounts.

Continue Reading

Top 20 SEC Disgorgement Amounts

Disgorgement

The Foreign Corrupt Practices Act contains specific penalty provisions for both violations of the anti-bribery and books and records and internal control provisions. However, in the FCPA’s modern era there has been a dramatic shift by the SEC away from the FCPA’s statutory penalties in most corporate enforcement action towards disgorgement.

The 2004 FCPA enforcement action against ABB is believed to be the first FCPA enforcement in which the SEC sought a disgorgement remedy.

Since then, the SEC has secured approximately $5.1 billion in disgorgement (and associated pre-judgment interest) in approximately 150 corporate enforcement actions. Set forth below is the current top 20 list of SEC disgorgement amounts.

Continue Reading

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