Friday, July 3, 2020

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Barclays Agrees to Pay the SEC $6.3 Million to Settle FCPA Offenses for Hiring...

Michael Volkov takes a closer look at the $6.3 million FCPA settlement agreement between the SEC and Barclays. Barclays agreed to disgorge $3.8 million and paid prejudgment interest of nearly $1 million and a $1.5 million civil penalty to resolve allegations it hired relatives of foreign officials in Asia. Read the full post at Volkov […]
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FHWA Suspends Transportation Contractors for False or Noncompliant Payrolls

The Federal Highway Administration suspended and proposed to debar Midasco LLC, Actividades de Construccion y Servicios, and Imes API SA, based on a civil settlement between the three entities, the United States, and the Commonwealth of Virginia to settle False Claims Act allegations. On July 28, 2017, Midasco, ACS Group, and Imes agreed to pay […]
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Pop Quiz: Who Controls Criminal FCPA Investigations and Prosecutions?

Richard L. Cassin notes that “among the weird facts about the FCPA” is that a DOJ policy published in 2013 reserves all decisions about bringing such cases to the Criminal Division: the top brass at DOJ in DC, headed by the Assistant Attorney General. This applies not only to prosecutions but to FCPA-related investigations, however […]
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World Bank Debars Chinese Construction Company

The World Bank has debarred construction company Beijing Jingold Construction Co., Ltd for 15 months, for a “fraudulent practice” involving a project to improve operational safety and oversight of international air transport and associated infrastructure in Samoa. BJC reportedly had a history of contract non-performance at the time of bidding, but knowingly misrepresented this fact […]
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How to Pick a Company Strong on Ethics and Corporate Governance

In a commentary for Morningstar, investment adviser R Balakrishnan shares pointers on identifying companies for investment based on management quality, which he argues is a function of ethics and governance. “Sometimes, I see large institutional investors taking significant stakes in companies where the management quality is known to be suspect,” Balakrishnan writes. “I can only […]
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Dramatic Increase in Number of Whistleblowers from China, Hong Kong

According to a new report from the Securities and Exchange Commission, the number of whistleblowers from mainland China and Hong Kong increased 72 percent in 2017. In 2016, a total of 36 people who filed reward submissions under the Dodd-Frank Act were from the mainland and Hong Kong, compared with 62 in 2017. Read the full […]
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Will Your D&O Policy Respond to FCPA Enforcement?

The extent to which a D&O insurance policy will respond to an FCPA claim can vary considerably depending on the specifics of the action, stage of the action, and the policy’s terms, definitions, and exclusions. Insurance broker Evan Bundschuh identifies a few key areas that buyers should pay careful attention to: Definition of “Claim” & […]
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A Deep Dive into the Fresenius Medical FCPA Settlement

Fresenius Medical, the largest supplier of dialysis equipment and services, agreed to pay $231 million to the DOJ and SEC to resolve FCPA violations in 17 countries in Africa, the Middle East, and Europe. The company entered a non-prosecution agreement with the DOJ, in which it agreed to pay an $87 million payment, a two-year […]
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SFO to Question Petrofac Execs as Probe Deepens

The Serious Fraud Office is expected to expand its corruption probe into Petrofac by questioning more top management officials in connection with the Unaoil scandal. Last May, SFO arrested Petrofac’s chief executive and chief operating officer, but they were released without being charged. SFO is investigating allegations that Petrofac secured lucrative service contracts worth $2 […]
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Fourth Circuit Weighs in on Standards for Pleading Presentment and Retaliation

The Fourth Circuit issued an opinion in U.S. ex rel. Grant v. United Airlines dismissing the relator’s FCA allegations on the grounds that they failed to plead presentment of a false claim with sufficient particularity under Rule 9(b). In the same opinion, however, the court revived their retaliation claim, on the grounds that they satisfied […]
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