Entries in Disgorgement (41)
Sociedad Química y Minera de Chile SA agreed Friday to pay $30.5 million to resolve criminal and civil Foreign Corrupt Practices Act charges that it bribed Chilean politicians to influence government policies and plans.
Practice Alert: Supreme Court to decide whether 5-year statute of limitations applies to disgorgement
In a key development of relevance to the FCPA bar, the U.S. Supreme Court Friday accepted cert in Kokesh v. SEC (16-529). The issue presented in the cert petition is: “Whether the five-year statute of limitations in 28 U.S.C. § 2462 applies to claims for 'disgorgement.'”
Last year 27 companies paid about $2.48 billion to resolve FCPA cases. It was the biggest enforcement year in FCPA history. Both the number of enforcement actions and the overall amounts paid to resolve them were records.
Teva Pharmaceutical's $519 million enforcement action last month included disgorgement to the SEC of $236 million -- the second biggest FCPA disgorgement of all time.
This year the DOJ required disgorgement of ill-gotten gains as a predicate for preferential treatment under the new FCPA enforcement Pilot Program, regardless of whether the participating company was publicly or privately owned.
Last week's $264 million enforcement action against JPMorgan Chase included disgorgement to the SEC of $130.5 million -- the seventh biggest FCPA disgorgement of all time.
Two recent enforcement actions included disgorgements to the SEC that are among the ten biggest FCPA disgorgments of all time.
The Justice Department released letters Thursday under the DOJ's Pilot Program to two Texas companies that won't be prosecuted for violating the FCPA but will each have to disgorge all profits they made from the bribery.