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FCPA Blog Daily News

Entries in Disgorgement (51)

Wednesday
Jun082016

Eleventh Circuit ties SEC disgorgement to five-year statute of limitations

Last month the United States Court of Appeals for the Eleventh Circuit held in SEC. v. Graham et al that the five-year statute of limitations in 28 USC §2462 applies to SEC claims for disgorgement or declaratory relief.

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Tuesday
May312016

Yes, no, maybe? This time, IRS says FCPA disgorgement is non-deductible

The Office of the Chief Counsel of the IRS released an Advice Memorandum on May 6 that said a disgorgement payment to the SEC in a corporate FCPA enforcement action wasn't tax deductible.

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Wednesday
Mar232016

Novartis pays $25 million to SEC to resolve China FCPA offenses

Pharma giant Novartis AG agreed Wednesday to pay $25 million to settle charges that it violated the Foreign Corrupt Practices Act when two China-based subsidiaries bribed doctors and others to prescribe its drugs. 

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Tuesday
Feb232016

VimpelCom FCPA disgorgement is third biggest ever

VimpelCom's $397.6 million FCPA settlement last week included a disgorgement to the SEC that ranks third on our list of the biggest FCPA disgorgements of all time.

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Tuesday
Feb162016

General Cable increases FCPA disgorgement reserve to $28 million

Image courtesy of General CableKentucky-based General Cable Corporation said it added $4 million to its reserve and has now set aside $28 million that's "probable to be disgorged" to the SEC in a possible settlement of FCPA offenses.

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Monday
Nov302015

Are whistleblower reward programs really a good idea? 

The SEC’s office of the whistleblower awards money to individuals who provide tips that lead to successful enforcement actions where recoveries are more than $1 million.

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Thursday
Mar262015

Tom Fox: Disgorgement could become a remedy for FCPA strict liability

A trend emerged in the fall of 2014 of FCPA enforcement actions by the SEC but where the Department of Justice either declined to prosecute the company or settled via a non-prosecution agreement.

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Thursday
Feb262015

General Cable expects to disgorge $24 million for Angola bribes

Image courtesy of General Cable Kentucky-based General Cable Corporation said it reserved $24 million that's "likely to be disgorged" to the SEC in a possible settlement of FCPA offenses.

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Friday
Dec262014

Avon disgorgement lands on top ten list

Image courtesy of AvonAvon's $135 million settlement with the DOJ and SEC earlier this month included a disgorgement to the SEC with interest that ranks 8th on our list of the biggest FCPA disgorgements.

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Tuesday
Nov042014

Bio-Rad cracks the disgorgement top ten list

Bio-Rad Laboratories paid a total of $55 million Monday to settle FCPA offenses. About $40 million of that went to the SEC as disgorgement. That payment landed tenth on our list of the biggest FCPA-related disgorgements.

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Tuesday
Oct282014

Layne Christensen pays $5.1 million in SEC settlement

Layne Christensen Company, a Texas-based water management, construction, and drilling firm, paid just over $5 million Monday to resolve FCPA charges brought by the SEC for bribes in a half dozen Africa countries to reduce taxes and speed up customs inspections and work permits.

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Monday
Jul282014

Smith & Wesson pays SEC $2 million to resolve FCPA violations

Smith & Wesson Holding Corporation agreed Monday in an out-of-court settlement with the Securities and Exchange Commission to pay $2 million to resolve Foreign Corrupt Practices Act offenses.

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