HSBC v. Moore

In this case, a federal district court had ordered the release of a redacted monitor’s report in the HSBC money-laundering Deferred Prosecution Agreement (DPA) based upon the request of an interested citizen. Both the Department of Justice (DOJ) and HSBC appealed the order, and the Court of Appeals supported their position in overturning the trial court’s decision. The case is about a hook, line, and sinker overturning of any trial court jurisdiction one can have. The district court tried to claim it did not have the same role as a “potted plant,” but the Court of Appeals left no doubt that is the only role it sees for any district court where a DPA is filed. We discuss the implications for the compliance practitioner, FCPA enforcement, and potential future changes. Are district court’s simply potted plants when it comes to DPA oversight?