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What Private Equity Needs to Know About the FCPA
The Foreign Corrupt Practices Act of 1977 (FCPA) has been an enforcement “hot topic” for the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (“SEC”). The 35-year-old statute, generally speaking, prohibits U.S. corporations from bribing or otherwise corrupting foreign officials in order to obtain or retain business advantages. In the past, private equity firms and hedge funds have not been subject to the rigorous regulatory scrutiny applied to publically traded companies under the FCPA. However, it appears that this trend may be changing.
In recent years, the DOJ and SEC have begun to examine foreign investments made in emerging markets by private equity firms and hedge funds for possible FCPA violations. In November 2010, the SEC began investigating Europe's largest insurer, Allianz SE, for possible bribery committed by a German printing press company that was majority-owned by Allianz's private equity arm. This inquiry marked the SEC's first FCPA investigation into a private equity fund based on allegations of misconduct by a company in its investment portfolio.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.