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Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


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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.

Disgorgement, according to contributing editor Marc Alain Bohn, is a remedy authorized by the Securities Exchange Act of 1934 that's "used to deprive wrong-doers of their ill-gotten gains and deter violations of federal securities law."

Disgorgement first appeared in an FCPA enforcement action in 2004 when ABB Ltd disgorged $5.9 million to resolve books and records and internal controls offenses.

Since then the SEC has used disgorgement in more than three-quarters of its FCPA-related enforcement actions.

Here are the current top ten FCPA-related corporate disgorgements. All amounts also include pre-judgment interest:

1. Siemens $350 million in 2008

2. KBR  $177 million in 2009

3. Alcoa $161 million in 2014

4. Total S.A. $153 million in 2013

5. Snamprogetti $125 million in 2010

6. Technip $98 million in 2010

7. Daimler $91.4 million in 2010

8. Pfizer $45.2 million in 2012

9. Alcatel-Lucent $45 million in 2010

10. Bio-Rad Laboratories $40.7 million in 2014

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For comparison, here's our current list of the top ten FCPA enforcement actions of all time.
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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.