This article was reprinted with permission from FCPA Professor
Wonderfully delightful yet old-fashioned, moot court, say what, and for the reading stack. It’s all here in the Friday roundup.
Wonderfully Delightful, Yet Old-Fashioned
Regardless of the litigant, their public profile and resources, the particular cause of action, or indeed the ultimate outcome, there is something wonderfully delightful – yet old-fashioned in this era of neither admit nor deny settlements and/or risk aversion not necessarily law and facts driving litigation decisions - of an individual refusing to be bullied, standing up for his innocence, and forcing his adversary to actually prove its case. In case you had not heard, a federal court jury acquitted Mark Cuban of SEC civil insider trading charges. As the Wall Street Journal noted:
“The SEC is used to defendants rolling over in such cases because a defense can take years and millions of dollars in legal fees. Most people pay the fines and move on. But as a billionaire, Mr. Cuban had the money to fight, not to mention a sense of outrage. ‘I am glad this happened to me,’ Mr. Cuban said after the verdict. ‘I am glad I am wealthy enough to stand up to the SEC.’”
Previous posts have highlighted the FCPA conference industry and how the for-profit organizers of FCPA conferences drive attendance to their events by touting the public servants who will speak at the event. In this recent chat with Tom Fox, I again expressed concern with this marketing tactic and wondered why the FCPA enforcement officials allow themselves to be used in this capacity.
This recent brochure for an upcoming FCPA conference contains”it ought to stop” marketing tactics such as “11 senior US DOJ and SEC officials discuss FCPA and global corruption enforcement” – but that is not what caught my eye from the brochure.
It is this.
A “moot court on the top 3 most confronted issues of the FCPA: an interactive debate on jurisdiction, definition of “foreign government official” and accounting controls.”
Among the participants: Mark Mendelsohn (the DOJ’s former FCPA Unit Chief who describes himself as “internationally acknowledged and respected as the architect and key enforcement official of DOJ’s modern FCPA enforcement program”) and Lanny Breuer (the former Assistant Attorney General of the DOJ criminal division who describes himself as “widely recognized as a national leader on a range of federal law enforcement priorities, including the U.S. Foreign Corrupt Practices Act”).
The internet is full of FCPA commentary, some of it downright bizarre. Such as:
“The Justice Department should use the Foreign Corrupt Practices Act and other statutes to make the [large pharmaceutical companies] each pay fines in excess of $10 billion. Any patients who paid for prescriptions during the period of infractions would be eligible to receive damage awards.”
From Reuters concerning an inquiry in Japan and “the corrupting influence of entertainment.”
A good weekend to all.
Read more articles on the FCPA by Mike Koehler at FCPA Professor.
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