This 2020 post highlighted how SEC Commissioner Hester Peirce objected (in whole or in part) to approximately 65% of the corporate FCPA enforcement actions she voted on.
This 2021 post checked in on Peirce’s FCPA voting record as a Commissioner and highlighted how Peirce objected (in whole or in part) to another large batch of corporate FCPA enforcement actions.
This post checks back in on Peirce FCPA voting record as a Commissioner and once again highlights how Peirce has objected (in whole in part) to nearly every recent corporate FCPA enforcement action.
In the June 2021 net $10.1 million SEC enforcement action against Amec Foster Wheeler (see here and here for prior posts), Peirce “approved except as to disgorgement and prejudgment interest.” Stated differently, Peirce objected to the entire SEC settlement amount in that action ($7,062,520.80 in disgorgement and $3,064,791 in prejudgment interest).
In the September 2021 $19.2 million SEC enforcement action against WPP (see here and here for prior posts), Peirce voted “not to approve.”
In the October 2021 $99 million SEC enforcement action against Credit Suisse (see here for the prior post), Peirce voted to “approve.”
In the February 2022 $6.3 million SEC enforcement action against KT Corp. (see here and here for prior posts), Peirce voted “not to approve.”
In the April 2022 net $24 million SEC enforcement action against Stericycle (see here and here for prior posts), Peirce “approved except as to disgorgement.” Stated differently, Peirce objected to approximately $22 million of the overall settlement amount.
In the June 2022 $78.1 million SEC enforcement action against Tenaris (see here and here for prior posts), Peirce “approved except as to disgorgement.” Stated differently, Peirce objected to approximately $43 million of the overall settlement amount.
In the September 2022 net $22.8 million SEC enforcement action against Gol Airlines (see here and here for prior posts), Peirce voted “not to approve.”
In the September 2022 $22.9 million SEC enforcement action against Oracle (see here and here for prior posts), Peirce voted to “approve except as to disgorgement and prejudgment interest.” Stated differently, Peirce objected to approximately $7.9 million of the settlement amount.
All told, as an SEC Commissioner, Peirce has voted on 42 corporate FCPA enforcement actions. In 10 of the actions (approximately 25%) Peirce voted not to approve. In 25 of the actions (approximately 60%), Peirce objected to certain aspects of the enforcement action. In other words, Peirce has objected (in whole or in part) to approximately 85% of corporate FCPA enforcement actions during her tenure as an SEC Commissioner.
