An Interesting Disclosure
In late 2014, Alstom and related entities resolved a $772 million DOJ FCPA enforcement action.
The enforcement action concerned conduct in several countries including Saudi Arabia in which the DOJ alleged improper conduct (generally between 1999 and 2002) in connection with Alstom bids for power projects with Saudi Electric Company (“SEC”), Saudi Arabia’s state-owned and state-controlled electricity company, and its predecessor entities.
In 2015, General Electric acquired Alstom’s power and grid businesses.
In 2024, GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange.
Recently, GE Vernova made an interesting disclosure regarding the conduct from 20 plus years ago.
Issues To Consider From The Deere & Co. Enforcement Action
This previous post highlighted the $9.9 million Foreign Corrupt Practices Act enforcement actions against Deere & Co. concerning subsidiary conduct in Thailand.
This post highlights additional issues to consider.
No Prior Disclosure
It is rarely a surprise when a publicly-traded company (an issuer under FCPA speak) resolves an FCPA enforcement action because most issuers disclose FCPA scrutiny in an SEC filing.
Principal Associate Deputy AG Marshall Miller On …
Recently, Principal Associate Deputy Attorney General Marshall Miller delivered this speech.
He focused his remarks on “how today’s world demands that the Department of Justice expand, innovate, and modernize our corporate enforcement efforts to meet the moment, and how the private sector can also adapt to combat misconduct and promote compliance.”
Miller began:
Acting Assistant Attorney General Argentieri On …
Another day, another speech by a DOJ official.
Recently, Acting Assistant Attorney General Nicole Argentieri delivered this speech in which she discussed the following topics: foreign law enforcement cooperation, corporate cooperation, compensation incentives and clawbacks, voluntary disclosure, and the DOJ’s recent “safe harbor” policy in connection with merger and acquisition activity.
Regarding foreign law enforcement cooperation, Argentieri stated:
What Others Are Saying About The DOJ’s “Safe Harbor” M&A Policy
This prior post highlighted the DOJ’s “New Safe Harbor Policy For Voluntary Disclosures Made In Connection With Mergers and Acquisitions.”
As discussed in the post, substantively the policy is not really new, nor is it a safe harbor as companies who follow the policy and “receive the presumption of a declination” will still have to pay a disgorgement amount (which in the FCPA context can be millions and sometimes higher than other forms of resolution such as a non-prosecution or deferred prosecution agreement).
This post highlights various law firm client alerts and updates regarding the policy,
Based on the the below sampling it does not appear that many law firms are impressed with the policy.