All articles by Jaclyn Jaeger – Page 93
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Blog
Wyeth and Pfizer to pay $784.6 million in False Claims Act case
Wyeth and Pfizer last week reached a $784.6 million settlement with the Department of Justice to resolve allegations that Wyeth knowingly reported to the government false and fraudulent prices on two of its drugs.
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Article
New gold standard for ethics and compliance programs
A first-of-its-kind report issued by the Ethics and Compliance Initiative aims to to provide ethics and compliance officers with a new gold standard for which to develop a high-quality ethics and compliance program. Jaclyn Jaeger looks at five core principles identified in the report.
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How not to be sanctioned by the World Bank
Justice Dept. enforcement actions for anti-corruption law violations often garner the most attention, but multilateral development banks are also major players in the anti-corruption global arena, adding more compliance risk. CW’s Jaclyn Jaeger on how to avoid being sanctioned.
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Blog
KBR ‘cooperating’ in Unaoil investigation
Engineering and construction company KBR confirmed in a quarterly report last week that it’s been contacted by the Department of Justice in connection with the massive media-leaked bribery and corruption scandal surrounding Monaco-based Unaoil. Jaclyn Jaeger reports.
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Blog
Key Energy: Justice Department has closed FCPA investigation
Key Energy Services, an oilfield services company, said last week that the Department of Justice has decided not to file any charges against it in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act. Key said it's also reached an agreement in principle with ...
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Blog
GM names new chief compliance officer
General Motors has appointed Jeffrey Taylor as deputy general counsel and chief compliance officer, effective immediately. He will report to Craig Glidden, executive vice president and general counsel.
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Time to revise your employee training and policies
New regulations passed in California require stringent new standards governing the prevention of harassment, discrimination, and retaliation in the workplace. What’s more, says reporter Jaclyn Jaeger, they appear to mirror a broader regulatory trend at the federal level.
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ArticlePreparing your company for a dawn raid
Knowing what to expect in the event of a dawn raid and how to respond will help ensure not only that employees cooperate during an investigation, but also that the legal rights of the company remain protected. Jaclyn Jaeger explores how to avoid any missteps that can damage a company’s ...
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Blog
France introduces anti-corruption bill
France’s Finance Minister Michel Sapin introduced a proposed anti-corruption bill, Sapin II, to the French government last month that in many respects is inspired by anti-corruption laws already in place in the United States and United Kingdom. The bill, for example, “provides for the offense of corruptly influencing a foreign ...
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Blog
Newmont Mining discloses FCPA investigation
Newmont Mining said this week in a securities filing that it is conducting an investigation relating to certain business activities of the company, its affiliates, and contractors in countries outside the United States. The gold mining company added that the investigation includes a review of compliance with the U.S. Foreign ...
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Blog
Greater scrutiny of merger activity in the defense industry on the way?
The Justice Department and FTC this month issued a joint statement reaffirming the importance of preserving competition in the defense industry. The statement may have been prompted by threats made by the Department of Defense to seek legislation to expand its role in the review of mergers and acquisitions in ...
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Blog
SEC resolves two financial fraud cases
The SEC this week announced financial fraud cases against a pair of companies and their former executives accused of various accounting failures that left investors without accurate depictions of company finances. “We are intensely focused on whether companies and their officers evaluate judgmental accounting issues in good faith and based ...
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Article
Carrots and sticks: A closer look at the FCPA Pilot Program
The Department of Justice has churned out a brief, but valuable, piece of guidance setting forth the details of a one-year FCPA enforcement pilot program, providing companies with much needed and long-awaited transparency into how the Criminal Division’s Fraud Section measures and credits voluntary self-disclosure and cooperation in FCPA investigations. ...
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Article
Unaoil bribery scandal offers harsh lesson in due diligence controls
Image: CCOs can learn a lesson or two from the massive media-leaked bribery and corruption scandal surrounding Monaco-based Unaoil. “Unaoil’s due diligence reports contained a number of items that increased their risk level substantially, but there was no credible evidence of bribery or other misconduct,” says Alexandra Wrage, president of ...
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Blog
Goldman Sachs hit with $5 billion settlement
The Justice Department last week announced a $5 billion settlement with banking giant Goldman Sachs to resolve claims related to its packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities. The resolution requires Goldman to pay $2.4 billion in a civil penalty under the Financial Institutions Reform, Recovery and ...
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BlogEU data protection authorities concerned with EU-U.S. Privacy Shield
A draft transatlantic data transfer framework approved in February by the European Commission and the U.S. Department of Commerce received a less-than-enthusiastic response from EU data protection authorities in an opinion released today, effectively giving U.S. companies little assurance as to how they can legally transfer personal data from Europe ...
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Blog
EU calls for corporate tax transparency
Image: The European Commission has proposed rules requiring multinational companies currently active in the EU’s single market with a permanent presence in the European Union and with a turnover in excess of EUR 750 million a year to disclose publicly the income tax they pay within the European Union, country ...
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Special report: Are FCPA actions merely a slap on the wrist?
Companies on the receiving end of an FCPA enforcement action often face monitoring, fines, and litigation as a result. But many times, what they don’t experience is a drop in their share price. In fact, among the largest FCPA violations on record, many companies saw no drop in share price. ...
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Blog
SEC obtains settlement in kickback scheme
Seven individuals from broker-dealer Direct Access Partners settled charges with the SEC last week for their role in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank. As Compliance Week previously reported, the SEC and Department of Justice unsealed criminal charges in May 2013 ...
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Blog
FinCEN fines Sparks Nugget casino $1 million for AML violations
The Financial Crimes Enforcement Network (FinCEN) recently slapped a $1 million civil money penalty on Sparks Nugget casino for willfully violated the anti-money laundering provisions of the Bank Secrecy Act. “Despite the fact that it hosted convicted embezzlers and had been repeatedly alerted to suspicious transactions by its own BSA ...