This June 1, 2020 post detailed how SEC Commissioner Hester Peirce has objected to numerous FCPA enforcement actions brought by the Securities and Exchange Commission during her tenure.
As highlighted below, since the June 2020 post, the SEC has brought seven FCPA enforcement actions and Peirce has objected to various portions of … well … every single one.
In the June 2020 $112.8 million SEC enforcement action against Novartis (see here and here for prior posts), Peirce “approved except as to the disgorgement and prejudgment interest.” Stated differently, Peirce objected to the entire SEC settlement amount in that action ($92,300,000 in disgorgement and prejudgment interest of $20,500,000).
In the July 2020 $21.5 million SEC enforcement action against Alexion Pharmaceuticals (see here and here for prior posts), Peirce “approved except as to the disgorgement and prejudgment interest.” Stated differently, Peirce objected to approximately 85% of the settlement amount ($14.2 million in disgorgement and $3.7 million in prejudgment interest).
In the August 2020 $21.7 million SEC enforcement action against World Acceptance Corp. (see here and here for prior posts), Peirce “approved except as to the disgorgement and prejudgment interest.” Stated differently, Peirce objected to approximately 95% of the settlement amount ($17.8 million in disgorgement and $1.9 million in prejudgment interest).
In the August 2020 $67.3 million SEC enforcement action against Herbalife (see here and here for prior posts), Peirce “approved except as to the disgorgement.” Stated differently, Peirce objected to approximately 85% of the settlement amount ($58.7 million in disgorgement).
In the October 2020 $26.8 million SEC enforcement action against J&F Investimentos, related entities and various individuals (see here and here for prior posts), Peirce “approved except as to the undertakings and disgorgement.” Stated differently, Peirce objected to the entire SEC settlement amount in that action ($26.8 million in disgorgement).
In the October 2020 $400 million SEC enforcement action against Goldman Sachs (see here and here for prior posts), Peirce “approved except as to Sections 13(b)(2)(A) and 13(b)(2)(B) charges.” Stated differently, Peirce did not believe that Goldman violated the FCPA’s books and records and internal controls provisions.
In the January 2021 $43 million SEC enforcement action against Deutsche Bank (see here for a prior post), Peirce “approved except as to disgorgement and prejudgment interest.” Stated differently, Peirce objected to the entire SEC settlement amount in that action ($35 million in disgorgement and $8 million in prejudgment interest).
