News & Analysis as of

Internal Investigations Securities & Exchange Commission

Federal Court Finds “Oral Downloads” to SEC Waived Attorney Work Product Protection

by Dechert LLP on

U.S. Magistrate Judge Jonathan Goodman, in the Southern District of Florida, ruled last month that outside counsel’s “oral downloads” of internal investigation findings to the Staff of the Securities and Exchange Commission...more

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

SEC Cooperation Leads to Waiver of Privilege

On December 5, 2017, a Florida federal magistrate judge ordered a law firm to turn over interview notes and memoranda from an internal investigation, finding that any applicable privilege had been waived when attorneys gave...more

Are You At Risk of Accounting Fraud?

Nearly a decade after the financial crisis and almost eight years after passage of the Dodd-Frank Act, companies continue to grapple with how to prevent corporate fraud and respond when it happens....more

The 10 Hallmarks of an Effective Compliance Program: Still the Foundation

by Thomas Fox on

The joint Department of Justice (DOJ) and Securities and Exchange Commission (SEC) 2012 FCPA Guidance came out five years ago this month. As a commentator focusing on the doing of compliance, we should pause to once again...more

Rethinking Independence in Internal Investigations

by Farella Braun + Martel LLP on

For a company under actual or potential government scrutiny, an independent internal investigation performed by outside counsel, sometimes coupled with cooperation with the government, can mean the difference between...more

Farewell to The Hawk – Fair and Consistent Application of Discipline

by Thomas Fox on

In the Department of Justice’s (DOJ’s) Evaluation of Corporate Compliance Programs (Evaluation), Prong 8 Incentive and Disciplinary Measures it states: Incentive System – Consistent Application – Have the disciplinary actions...more

Cross Border Investigations Update - July 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases and enforcement trends, including the new Criminal Finances Act 2017, increased regulatory scrutiny of Chinese companies...more

Private Equity and Privilege: Why Recent Legal Developments Matter to Buyout Firms

by Latham & Watkins LLP on

Legal professional privilege allows clients to share information with lawyers, knowing it need not be revealed in court. Privilege extends to legal advice generally, and to documents prepared in contemplation of litigation. ...more

Corporate Investigations and White Collar Defense - June 2017

U.K. Court Finds No Privilege Protection for Internal Investigation - Why it matters: On May 8, 2017, a London High Court made a landmark ruling in favor of the Serious Fraud Office—England’s equivalent of the Fraud...more

Top Ten International Anti-Corruption Developments for May 2017

by Morrison & Foerster LLP on

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Day 7 of One Month to Better Investigations and Report-How Investigations Inform Remediation

by Thomas Fox on

There is nothing like an internal whistleblower report about a FCPA violation, the finding of such an issue or (even worse) a subpoena from the DOJ to trigger the Board of Directors and senior management attention to the...more

Day 5 of One Month to Better Investigations and Reporting-the Board’s Investigation Protocol

by Thomas Fox on

Many companies have an investigation protocol in place when a potential Foreign Corruption Practices Act (FCPA) or other legal issue arises? However, many Boards of Directors do not have the same rigor when it comes to an...more

Day 2 of One Month to Better Investigations and Reporting-Selection of Investigative Counsel

by Thomas Fox on

A key component of this fair and objective evaluation is the WHO question; that is, who should supervise the investigation and who should handle the investigation? You should have independent counsel should handle any serious...more

Day 1 of One Month to Better Investigations and Reporting-Introduction to Investigations and Internal Reporting

by Thomas Fox on

The call, email or tip comes into your office; an employee reports suspicious activity somewhere across the globe. That activity might well turn into a Foreign Corrupt Practices Act (FCPA) issue for your company. As the Chief...more

SEC, Issuer, CFO Settle Financial Fraud Claims

by Dorsey & Whitney LLP on

A Luxembourg based seller of semiconductor products with the bulk of its operations in South Korea and a finance executive settled financial fraud charges with the Commission. Previously, the issuer restated its financial...more

Department of Justice Fraud Section Provides Guidance on Evaluating Corporate Compliance Programs

by Jones Day on

On February 8, 2017, the United States Department of Justice ("DOJ") Fraud Section published a blueprint for assessing corporate compliance efforts, titled "Evaluation of Corporate Compliance Programs" ("Guidance"). It...more

First ‘Trial of the Century’ and the SQM FCPA Enforcement Action – Part II

by Thomas Fox on

Today I conclude my two-part series on the recent Foreign Corrupt Practices Act (FCPA) enforcement action involving the Chilean chemicals and mining company Sociedad Química y Minera de Chile (SQM), which agreed to pay a...more

New DOJ Evaluation – Valuable Document for the Compliance Practitioner: Part II

by Thomas Fox on

Yesterday I began a two-part series on the Department of Justice (DOJ’s) “Evaluation of Corporate Compliance Programs” (Evaluation) posted on the Fraud Section website late last week. The document is an 11-part list of...more

UK Decision Highlights Potential Privilege Problems in Cross-Border Investigations

by Latham & Watkins LLP on

7 steps companies can take to maximize privilege protections under US and English law. Key Points: ..In a recent case, an English court stated that privilege did not apply to notes of employee interviews,...more

Revenge of the Whistle-blower: Possible Consequences of Compliance Failures

In a company with a robust compliance culture, potential whistleblowers can express their concerns without fear of retribution. By contrast, the penalty for a culture that silences whistleblowers just got steeper. Companies...more

What is the Price for Failing to Voluntarily Disclose an FCPA Violation? – A Curious Case Of Successor Liability

by Bryan Cave on

On January 6, 2017, the Securities and Enforcement Commission filed an Administrative Action announcing a settlement with two global agribusiness companies. The Order is brief and short on facts. ...more

General Cable FCPA Enforcement Action – Part II: The Comeback

by Thomas Fox on

Yesterday I began an exploration of the General Cable Corporation (General Cable) Foreign Corrupt Practices Act (FCPA) enforcement action. It was settled with the DOJ via a Non-Prosecution Agreement (NPA) and the SEC via a...more

"Cross-Border Investigations Update - December 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update looks at Brexit’s impact on corporate crime and investigations, the U.S. DOJ’s increased use of forfeiture actions with international implications, current...more

SEC Opens up the Toolbox to File First Stand-alone Whistleblower Retaliation Case

by Brooks Pierce on

Welcome back to Whistleblower Week here at Cady Bar the Door. It is a glorious time. Today we discuss In re International Game Technology, Inc., filed on September 29th. While it has done this before alongside other...more

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