Over the last eight years, FCPA litigation has increased. Companies are still avoiding the risks of litigation and losing to the Justice Department and the SEC. Individuals, on the other hand, have clear incentives to challenge DOJ’s FCPA interpretations, where appropriate, and they have done so. The Revised FCPA Guidance incorporates these new cases throughout the text and its numerous footnotes. The major additions include:...
In the dead of night, July 2, 2020, DOJ and the SEC issued the Second Edition of its FCPA Guidance (Here). A comparison of the First and Second Editions was released by Dick Cassin at The FCPA Blog, and is set forth here. Given the importance of the revised FCPA Guidance, we have scheduled a webinar for Tuesday, July 14, 2020 at 12 noon EST. ...
Novartis is the new poster-child of corporate misconduct. In the space of two weeks, Novartis settled domestic False Claims Act and Anti-Kickback violations for $729 million, and settled FCPA violations for foreign bribery for $337 million. In the domestic False Claims Act and AKS cases, Novartis resolved two separate cases: one for illegal payments made to three foundations used to pay for patients’ co-payments in...
The Alexion Pharmaceutical SEC FCPA enforcement action represents another in the long line of enforcement actions against drug and device companies. The drug and device industries have been – and will continue to be — easy marks for prosecutors to investigate and prosecute for foreign bribery. There are a number of reason for this. First, global drug and device depend on interactions with foreign healthcare...
Notwithstanding the pandemic and remote working arrangements, the Securities and Exchange Commission is continuing to bring FCPA enforcement actions. In its latest action, the SEC settled with Alexion Pharmaceuticals for $21 million for foreign bribery and books and records violations. Alexion is a global pharmaceutical company. Its first drug, Soliris was approved to treat two ultra-rare diseases, paroxysmal nocturnal hemoglobinuria (“PNH”), which causes red blood...
Catching Up with DOJ Compliance Program Guidance Tuesday, July 14, 2020, 12 Noon EST Sign Up HERE The Justice Department has issued two sets of important revisions to its compliance program guidance. First, on July 1, 2020, DOJ announced revisions to its 2019 Evaluation of Corporate Compliance Program Guidance. Second, on July 3, 2020, DOJ and the SEC released a Second Edition of its FCPA...
In an important case decided in June 2020, the Supreme Court, in Liu et al v. SEC, addressed the SEC’s ability to seek “equitable relief” in civil proceedings. In 2017, the Supreme Court, in Kokesh v. SEC, ruled that a disgorgement order in an SEC action constitutes a “penalty” for purposes of application of the five-year statute of limitations. The Supreme Court left open the...
We have a new poster-child for a defective corporate culture of wrongdoing. Novartis has joined the exclusive club, along with Siemens, General Motors, Wells Fargo, and others in the misconduct Hall of Fame. Within the space of two weeks, Novartis has settled FCPA violations for foreign bribery, and just recently, Novartis settled two separate cases in the United States for anti-kickback and False Claims Act...
Notwithstanding the pandemic and remote working arrangements, the Securities and Exchange Commission is continuing to bring FCPA enforcement actions. In its latest action, the SEC settled with Alexion Pharmaceuticals for $21 million for foreign bribery and books and records violations. In this Episode, Michael Volkov reviews the Alexion FCPA enforcement action and the lessons learned for compliance professionals.
The Volkov Law Group wishes everyone a Happy Fourth of July!! Even in this turbulent and troubled times, we should share our gratitude for the sacrifices so many have made in the past to secure our freedoms, while recognizing that our work to build an even greater country continues. We hope that everyone — our clients, our colleagues, friends and family are staying safe and...
