Frequency and extent of the Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) Investigations and claims continue to grow. Last month, the US Securities and Exchange Commission announced that Halliburton Co. had agreed to pay $ 29.2 million in fines and penalties to settle allegations that its operations in Angola and Iraq violated the FCPA's books and records and internal accounting rules. In its press release, Halliburton promised that it had "continually improved its global ethics and compliance program" since the first received an anonymous tip in December 2010, but recent decommissioning serves as a reminder that even the most robust compliance program cannot guarantee that FCPA infringements will not occur.
Historically, goals for FCPA studies have assumed that FCPA-related losses are not covered by insurance, but the landscape has changed in recent years. In a recent record on the FCPA Blog, my colleagues Sergio Oehninger and Geoff Fehling highlight several possible issues that policyholders should consider in order to maximize the recovery of FCPA-related losses. The full post is available here.