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The Champion

August 2006 , Page 42 

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Foreign Corrupt Practices Act: Growing Teeth

By Katherine Keneally; Kenneth M. Breen; J. Scott Maberry

The U.S. Foreign Corrupt Practices Act1 (FCPA) has long been the focus of internal investigations by companies, especially those concerned with compliance by diverse business groups or far-flung subsidiaries. Those concerns are well considered. Recent enforcement developments under the FCPA mark trends toward more aggressive enforcement methods, more sophisticated legal theories, and higher penalties. The $50 million settlement of FCPA and accounting fraud charges in the case of SEC v. Tyco International Ltd. in April,2 and the March 2005 settlement of SEC v. Titan Corp. for $28.5 million are illustrative of these trends.


On April 17, 2006, the U.S. Securities and Exchange Commission (SEC) filed a complaint in the U.S. District Court for the Southern District of New York alleging that Tyco’s illicit activities (including conduct of its foreign subsidiaries) violated U.S. securities laws, including the FCPA, and resulted in an overstatement of its reported financial results by at l

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