In this episode, I was pleased to visit with Fry Wernick and Mike Ward, both partners at Vinson & Elkins. We dissect the three biggest anticorruption enforcement actions: Airbus, J&F Investments and Goldman Sachs. Fry explains things from the government perspective and Mike takes a look at things from the in-house CCO or compliance professional perspective. Their collective insights were great and I know you will enjoy this episode:
I. Airbus
DOJ Perspective
- In this case, the UK and France took the lead in the investigation? What does this mean workload wise in the FCPA unit?
- There were claims other than FCPA violations investigated by the US. How, if at all, did those impact the FCPA investigation.
- What are some of the unique challenges in working with French prosecutors and theFrench blocking statute.
- How does the DOJ work thru the gross penalty with other countries?
Company Perspective
- What does this case tell a compliance professional?
- What was the bribery scheme? What is the MO of the bad guys?
- What controls were discussed in the settlement documents?
- What company conduct was rewarded?
II. J&F Investments
DOJ Perspective
- How do you evaluate something so massive, yet largely resolved by the time the DOJ takes the lead?
- How is it to work with Brazilian prosecutors? Does each large international investigation have its own character and cadence?
Company Perspective
- This case had difficult corporate governance issues.
- Your M&A protocol needs to be in place but the risks from each transaction are bespoke.
- In many ways, the case was a testament to deep pockets.
- Pay attention to what is said in the resolution documents.
III. Goldman Sachs
DOJ Perspective
- Obviously as the biggest FCPA prosecution ever, how does the Dept. work up such a case. Are there multiple prosecutors working up different aspects of the case?
- How do you coordinate both internationally and domestically with all the other regulatory bodies?
- What is the one pie concept and why is it so important?
Company Perspective
- Why was there no monitor?
- Compliance needs to be persistent and persistently right.
- Why are compliance red flags also commercial red flags?
- Will clawbacks become the norm?
For more information on Fry Wernick and Mike Ward and their practices, check out the Vinson & Elkins website here.
