Teva Pharmaceuticals USA Inc. (Teva USA) and Teva Neuroscience Inc. (“Teva”) agreed to pay $450 million to resolve two matters that allege Teva violated the Anti-Kickback Statute (AKS) and the False Claims Act (FCA). Teva is the largest generic drug manufacturer in the United States. The settlement resolved two alleged kickback schemes: Medicare Cost-Sharing Scheme and Copay Assistance Foundations First, Teva has agreed to resolve...

On October 9, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued critical guidance aimed at enhancing financial institutions’ compliance with the Export Administration Regulations (“EAR”). This development comes at a time when financial institutions are increasingly becoming focal points in the enforcement of U.S. export controls, particularly given the geopolitical tensions following Russia’s further incursion into Ukraine and the ongoing...

The SEC notched another FCPA settlement, continuing its steady pursuit and resolution of FCPA cases.  In the meantime, the Justice Department has been silent in the FCPA enforcement arena.  In its latest settlement, Moog, Inc. (“Moog”), a New York-based global manufacturer of motion controls systems for aerospace, defense, industrial and medical markets, agreed to pay a civil penalty of $1.1 million and disgorge nearly $600,000,...

October 29, 2024 11 AM EST Sign Up Here Global companies are being challenged with rapidly expanding third-party risks.  Cybersecurity, data privacy, and new technologies, such as artificial intelligence, are exponentially expanding third-party risks.  The traditional constellation of legal and compliance now includes technology risks that require compliance professionals to collaborate with technology partners and build multi-discipline risk mitigation strategies. Volkov Law is honored to...

The Justice Department’s Antitrust Division has been aggressively pursuing civil enforcement actions.  While criminal enforcement of antitrust laws has been depressed, DOJ has found success in pursuing civil and merger enforcement.  DOJ recently won a significant victory against Google for its monopolization of the search market. DOJ has now turned its attention outside of technology markets by filing suit against Visa for its dominance of...

TD Bank’s $3 billion settlement included coordinated regulatory settlements with the Federal Reserve Board (“Federal Reserve”), The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), and the Office of the Comptroller of the Currency (“OCC”).  Each regulator imposed civil penalties and remedial measures.  The Federal Reserve fined TD Bank $123.5 million for AML compliance violations.  The Federal Reserve also required TD Bank to...

“By making its services convenient for criminals, TD Bank became one,” Attorney General Merrick B. Garland. TD Bank joins the list of dysfunctional companies — add them to Wells Fargo, Wirecard, Volkswagen, General Motors, Goldman Sachs, and the hall of fame of financial scandals.  TD Bank became a criminal organization, its employees even stated so in email communications, and its leadership operated with a criminal...

In yet another reminder of the scope of Justice Department enforcement powers, and an important demonstration of the risks of non-compliance, the Justice Department and relevant banking agencies announced a $3 billion settlement with TD Bank companies to resolve systemic and pervasive Bank Secrecy Act (“BSA”) and money laundering violations. In addition to the financial settlement, TD Bank US Holding Company (TDBUSH) (together with TDBNA,...

The Justice Department announced yet another version of its Evaluation of Corporate Compliance Programs.  As everyone knows, the Justice Department’s guidance carries talismanic significance — it is an important document that provides important direction on the design and implementation of an effective compliance program.  DOJ understands the importance of this document.  In recognition of evolving technology and compliance program innovations, DOJ updated its guidance to...