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ARTICLE · 23 OCTOBER 2023

Warning - Corporate Compensation Clawbacks Are Coming!

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On October 4, 2023, Deputy Attorney General Lisa O. Monaco announced a new "safe harbor" policy for voluntary self-disclosures in the context of mergers and acquisitions, whereby the Department of Justice will decline to prosecute ...

United StatesAntitrust/Competition Law
Daniel K. Oakes
Daniel K. Oakes

On October 4, 2023, Deputy Attorney General Lisa O. Monaco announced a new "safe harbor" policy for voluntary self-disclosures in the context of mergers and acquisitions, whereby the Department of Justice will decline to prosecute companies that report criminal misconduct involving recently-acquired businesses. This news made antitrust headlines, and for good reason. The new policy furthers the DOJ's push for increased voluntary self-disclosure, akin to its cartel enforcement Leniency Program. But a second, less widely-emphasized, aspect of Monaco's speech also seems poised to impact everyday compliance—indeed, the very design of corporate compliance programs—going forward.

For several years, the DOJ has sought to deter criminal conduct by incentivizing the implementation of more effective corporate compliance programs. In a September 2022 memorandum, the DOJ emphasized the novel approach that, in assessing the effectiveness of a compliance program and corporate

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