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What is the purpose of an internal investigation? An observer who has been listening to recent discussions of the practical requirements of internal investigations in today’s regulatory climate might conclude that the sole purposes of an internal investigation are (1) to demonstrate absolute and uncompromised cooperation with the government and (2) to uncover "the fraud."

Summary: The United States Supreme Court issued a significant ruling that may present challenges to the Securities and Exchange Commission in pursuing some federal securities fraud claims and may open up some defendants to costly state court class actions.

The Fraud Enforcement and Recovery Act of 2009, P.L. 111-21, was signed into law by President Obama on May 20.

On August 24, 2018, the United States Court of Appeals for the Second Circuit issued a significant ruling regarding the reach of the FCPA over foreign companies and individuals in United States v. Hoskins, No. 16-CR-1010.

The U.S. Department of Justice has transformed customs and trade fraud enforcement from an administrative matter into a high-stakes white collar priority, deploying a dedicated task force, advanced data analytics, and whistleblower incentives to pursue violators. Companies now face the prospect of parallel civil and criminal proceedings for tariff evasion, with exposure extending beyond the importer of record to executives and affiliated entities.

Amendments aim to improve enforcement of Canadian foreign corruption law by expanding jurisdiction, creating a books and records offense, eliminating the facilitation payments exception, redefining "business" and enforcement authority, and increasing the maximum imprisonment penalty.

A number of recent proposed acquisitions, starting with the proposed acquisition of shipping terminals in the United States by Dubai Ports World, have increased the visibility of the Committee on Foreign Investments in the United States in the review and approval of acquisitions of U.S. firms by foreign enterprises.

A year in the making and on the eve of a major FCPA conference, on November 14, 2012 the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") issued a joint publication called the Resource Guide to the U.S. Foreign Corrupt Practices Act ("Guide") which outlines the government’s interpretation of the law, provides insight into the government’s enforcement priorities, and provides a tangible and concrete understanding of how the government exercises its discretion

With fall suddenly here, we find ourselves reflecting on the bounty of anti-corruption guidance in recent months.

Shareholders and the general public are livid that former executives of failed companies received, or continue to receive, exorbitant pay and bonuses in the aftermath of the implosion of the subprime mortgage market and the consequent bailout of Wall Street firms and other financial companies.

Disavowing recent Court of Chancery precedent, the Supreme Court of Delaware has held disgorgement to be an insider trading remedy, even where the corporation itself was not harmed. Kahn v. Kohlberg Kravis Roberts & Co., L.P., No. 436, 2010 (June 20, 2011).

One of the defining characteristics of the current financial crisis has been the large number of banks that have failed—348 during 2008 through March 2011—taking investor money and the FDIC's Deposit Insurance Fund ("DIF") funds with them.

The new policies contained in the Yates Memo are designed at least in part to address criticism of the DOJ's efforts to criminally punish executives following the financial crisis of the last decade.

A recent enforcement should alert all companies to the substantial Foreign Corrupt Practices Act risks of hosting foreign customer visits or otherwise paying travel expenses for foreign customers.

Despite the influx of billions of dollars in fines and penalties into the government's coffers, the DOJ's prosecutions of flesh and blood individuals has lagged.

In August of 2014 the SEC announced a modest whistleblower award of $300,000 to an unnamed company employee.

In February 2014, the EU Commissioner for Home Affairs, Cecilia Malmström, released the EU Anti- Corruption Report