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FCPA Investigation Costs ' Are You Covered?
Much has been written recently about the unprecedented growth in the number of enforcement actions brought under the Foreign Corrupt Practices Act, 15 U.S.C. ' 78dd-1 et seq. (FCPA). Settlements of enforcement actions in the tens of millions of dollars have become commonplace, and settlements in the hundreds of millions of dollars not unheard-of. The enforcement authorities (the Securities and Exchange Commission [SEC] and the Department of Justice [DOJ]) have made it clear that continued aggressive enforcement of the FCPA is and will continue to be one of their top priorities.
The enormous size of the FCPA enforcement actions settlements as well as the outsized cost of investigating and defending FCPA actions has led the insurance industry to offer new FCPA insurance products, which are intended to offset the FCPA investigation and settlement costs. These products, however, should be reviewed carefully by the companies to determine their utility in light of the companies' FCPA exposure, existing insurance, and, of course, cost.
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