VW to Pay Record Fine to Resolve Dieselgate

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VW

Reuters is reporting that Volkswagen AG and the Justice Department are near an agreement to resolve criminal and civil liability for the German automaker’s diesel emissions cheating scandal. If the reported $3 billion figure is finalized, it will be the largest fine ever paid by an automaker to the U.S. Government.

Bribery News: Embraer Moves Toward Settlement; Rolls Royce Investigation Expands

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airbplane

Summer may be a slow time on the stock market but we’re getting a steady stream of bribery news with just two months left in the government’s fiscal year. On the FCPA front: Embraer announced that it has reserved $200 million for a settlement under the U.S. Foreign Corrupt Practices Act. Internationally: Germany and the U.K. have expanded their investigations into bribery allegations involving Rolls Royce.

State Street to Pay Gov’t $382 Million Over Hidden FX Markups

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state street building

Hidden costs imposed by banks on trading clients are at issue again today with the Securities and Exchange Commission announcing a $382.4 million settlement with State Street over misleading mutual funds and other custody account clients.

LATAM Pays $22 Million under FCPA

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tam airlines

The largest airline in Latin America, Chile-based LATAM Airlines Group, has agreed to pay $22 million to resolve investigations by the Department of Justice and the Securities and Exchange Commission (SEC) concerning bribery of foreign officials.

Johnson Controls, Analogics Settle FCPA Investigations

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We have now seen our second Foreign Corrupt Practices Act settlement involving vendor payments over the past three weeks as Johnson Controls settled its SEC investigation for $14 million and Analogic previously agreed to pay nearly $15 million to the SEC and DOJ.

DOJ Doubles FCA Statutory Penalties

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The statutory penalties for each false claim or false statement will nearly double as the U.S. Government adjusts the False Claims Act fines for inflation. Under the Civil Monetary Penalties Inflation Adjustment pursuant to the provisions of the Bipartisan Budget Act of 2015, the new minimum fine for each violation of the FCA will be $10,781, with a maximum of $21,563.

SDNY Insider Trading Cases Surge in 2016

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The Southern District of New York has seen a resurgence in government lawsuits over insider trading in 2016 following a 2015 decline that has been attributed by commentators to the Second Circuit’s decision in U.S. v. Newman. The U.S. Attorney’s Office there, led by Preet Bharara, has filed charges against 11 individuals so far this year, a pace that hasn’t happened since 2012, when the office filed cases against 17 people.

Private Enforcement of the FCPA Proposed

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A bill to reform the Foreign Corrupt Practices Act by creating a private cause of action has been introduced into the U.S. House of Representatives by Rep. Ed Perlmutter (D-CO). Courts have universally held that there is no private right to sue under the FCPA at present.

Co-Pay Assistance, Price Hikes and Tarceva Misrepresentations in the News

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There’ve been a few different big health care stories and investigations in the news over the past few weeks that we haven’t really covered here. All three involve government investigations into areas of interest to potential health care whistleblowers. So we thought we’d briefly describe all three of them before the weekend hits.

DOJ Investigates PBMs, Market-Makers

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The media has recently reported Justice Department investigations into both pharmacy-benefit managers (PBMS) and best execution of customer trades by wholesale market-making companies.

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