After spending some $300 million on an internal investigation, the cosmetics company gets a discount on its criminal fine and a break on the term of an independent compliance monitor. UPDATED Dec. 19 with comment from Sean Hecker of Debevoise & Plimpton
The 2012 shareholder derivative lawsuit alleged that Alcoa officers breached their fiduciary duties and wasted corporate assets by allowing the company to participate in a Bahrain bribe scheme.
The negotiations, which began in 2012, have stalled over the last six months as both sides have rebuffed proposed agreements.
The settlement comes one month after the Serious Fraud Office’s prosecution of former Alcoa agent Victor Dahdaleh collapsed at trial.
Matthew Axelrod, who has been with the department for a decade, will join Cohen Milstein in Washington, D.C.
Can Mary Jo White recover the SEC’s swagger?
UPDATE: John D. Buretta has joined Cravath’s Litigation Department as a partner in the firm’s New York office.
Without revealing numbers, the company says that if the Justice Department were to require a similar sum, the penalties would damage its financial condition and ongoing business.
Sokenu leaves Arnold & Porter LLP after nearly five years at the firm.
A low-ball initial offer is rejected and Avon says it expects to pay more for alleged bribes in China and other countries. (Subscription required)
Spending slows on bribery probe.
Jeff Benjamin appeared to try to dampen interest in the nearly $300 million spent so far on the cosmetic company’s internal foreign bribery probe, which has attracted attention for its high cost.
The SEC has subpoenaed PricewaterhouseCoopers for documents in connection with the Avon probe.
Former Manhattan U.S. Attorney Mary Jo White moves closer to chairing the Securities and Exchange Commission.
“At the SEC, there’s no institution too big to charge,” the former Manhattan U.S. Attorney told senators.
For the cosmetics retailer’s foreign bribery probe, 2012 was just about as pricey as 2011 and 2010.
U.S. District Judge Richard J. Leon today narrowed the scope of reporting requirements he is demanding that International Business Machines Corp. accept before he’ll approve the company’s $10 million foreign bribery civil settlement.
U.S. District Judge Richard Leon said he wouldn’t approve a settlement until it included language requiring IBM to report all future FCPA violations to the court or justify why it was seeking exceptions.
Matthew Kluger, who once seemed destined for the top of the lawyers’ universe, faces up to 20 years.
A transcript of the Nov. 3 hearing in Pittsburgh pulls back the veil on the three-and-a-half year global investigation of the aluminum manufacturing giant.
Justice officials said Wednesday that they were suing to block the $39 billion merger of the nation’s second and fourth largest wireless telephone companies.
Sharis Pozen likely will serve through the president’s first term.
The departing chief of DOJ’s Antitrust Division sees too much overlap between DOJ and the Federal Trade Commission.
The assistant attorney general of the antitrust division is leaving the government.
The nominees are present or former Justice Department officials.
Partners previously worked in the Brooklyn U.S. Attorney’s office.
The 34 Assistant U.S. Attorneys sworn in during the ceremonial investiture took office between December 2009 and January 2011.
The Solicitor General nominee clerked for Supreme Court Justice William J. Brennan, Jr., from July 1984 to August 1985.
T. Markus Funk of Perkins Coie said the new venture doesn’t compete with blogs like FCPA Professor and The FCPA Blog. “We’re not … trying to take anyone’s market share away,” he said.
The New York senator recommended a former Assistant U.S. Attorney and an Antitrust Division official to sit on the U.S. District Court for the Southern District of New York.