District Court Determines that the SEC Bears the Burden of Negating the 'Facilitating' Payments Exception -
On December 11, 2012, in a rare opinion interpreting the U.S. Foreign Corrupt Practices Act ("FCPA"), U.S. District Judge Keith Ellison granted, in part, two Noble Corporation executives' motions to dismiss claims by the Securities and Exchange Commission ("SEC") involving alleged bribes paid to Nigerian government officials in exchange for Temporary Import Permits ("TIPs") to operate oil rigs in Nigerian waters. Throughout his 61-page decision, Judge Ellison addressed several points of contention regarding the FCPA while reaffirming that the statute "cast[s] an otherwise wide net over foreign bribery." The decision offers helpful guidance to FCPA practitioners and companies with business operations abroad.
In SEC v. Jackson, the defendants contended that the FCPA requires a plaintiff to allege "by name, or at minimum by role and job responsibility, the foreign official who was sought to be influenced." After a detailed discussion of the FCPA's legislative history and precedent, Judge Ellison disagreed and determined that the SEC's allegations of payments to unspecified Nigerian government officials were sufficient...
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.