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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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.