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Department of Justice issues FCPA opinion procedure release on the definition of the term “foreign official”

Cadwalader Wickersham & Taft LLP
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USA
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September 3 2010

On September 1, 2010, the Department of Justice (“the Department”) issued Opinion Procedure Release No. 10-03 (“the Opinion”), its third of the year

Barclays Bank PLC forfeits $298 million for violations of U.S. economic sanctions; U.S. judge questions use of DPA, lack of individuals prosecuted

Cadwalader Wickersham & Taft LLP
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USA
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August 19 2010

On August 18, 2010, United States District Judge Emmet G. Sullivan of the District of Columbia approved a Deferred Prosecution Agreement (“DPA”) between the Department of Justice and Barclays Bank PLC (“Barclays”), a U.K corporation with headquarters in London

Alliance One and Universal Corp settle DOJ, SEC charges; former country manager of Alliance One pleads guilty

Cadwalader Wickersham & Taft LLP
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USA
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August 16 2010

On August 6, 2010, two subsidiaries of Alliance One International ("Alliance One") and a subsidiary of Universal Corporation ("Universal") agreed to plead guilty to FCPA-related criminal charges while the parent entities entered into non-prosecution agreements with the Department of Justice and settled charges filed by the Securities & Exchange Commission

Giffen pleads guilty to misdemeanor tax violation 7 years after FCPA-indictment; his merchant bank pleads guilty to FCPA felony

Cadwalader Wickersham & Taft LLP
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USA
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August 16 2010

On August 6, 2010, the Department of Justice announced the resolution of the high-profile FCPA prosecution of James H. Giffen, who was originally indicted with great fanfare in 2003

Department of Justice issues second FCPA opinion procedure release for 2010 regarding government compelled grants and due diligence

Cadwalader Wickersham & Taft LLP
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USA
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August 2 2010

On July 16, 2010, the Department of Justice issued Opinion Procedure Release No. 10-02, its second of the year

GE agrees to pay $23.4 million to SEC to settle FCPA charges

Cadwalader Wickersham & Taft LLP
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USA
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July 29 2010

On July 27, 2010, the General Electric Company agreed to disgorge $18,397,949 in allegedly wrongful profits, plus $4,080,665 in pre-judgment interest and pay a civil penalty in the amount of $1 million, a total of over $23

New whistleblower compensation enacted for securities and FCPA disclosures

Cadwalader Wickersham & Taft LLP
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USA
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July 26 2010

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), which contains sweeping reforms for the financial industry, including a program authorizing payments to whistleblowers for information related to violations of the securities laws

The Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010

Cadwalader Wickersham & Taft LLP
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USA
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July 26 2010

On July 1, 2010, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 ("CISADA"), ushering a new era of enhanced sanctions against Iran in response to that nation's continued refusal to cease its uranium enrichment and nuclear proliferation activities

SEC and Goldman Sachs agree to settle historic market-crisis enforcement action

Cadwalader Wickersham & Taft LLP
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USA
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July 19 2010

On July 15, 2010, the Securities and Exchange Commission announced a ground-breaking $550 million settlement with Goldman Sachs ("Goldman") in connection with Goldman's marketing of synthetic collateralized debt obligations ("CDO") based on residential mortgage backed securities ("RMBS"

Supreme Court limits application of the honest services fraud statute

Cadwalader Wickersham & Taft LLP
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USA
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July 15 2010

On June 24, 2010, in Skilling v. United States, No. 08-1394, and its companion cases, the Supreme Court reviewed three challenges to the honest services statute, 18 U.S.C. 1346, which prohibits engaging in "a scheme or artifice to deprive another of the intangible right of honest services."

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