Tenaris, S.A., a publicly traded corporation headquartered in Luxembourg with operations in 12 countries through 17 subsidiaries, today entered into separate agreements with the SEC Division of Enforcement and the DOJ’s Criminal Division for alleged violations of the Foreign Corrupt Practices Act (FCPA) and the Securities Exchange Act of 1934. Although it must have been a bitter pill to swallow (totaling $9.9 million in disgorgement and criminal penalties), the company has agreed to provide full cooperation to the U.S. government in exchange for no criminal or civil sanctions. From the attorney’s perspective, this case highlights the enormous tool-kit available to federal prosecutors across agencies, and the challenges facing companies who must negotiate with each of them in order to achieve the finality of a global settlement. (more…)
Author Archive
Update on Stevens Dismissal: Questions on Discovery Rulings
One of the remarkable things about the Stevens criminal indictment was the volume of attorney-client privileged material that comprised the evidence presented at trial. While Judge Titus qualified his criticism of a District of Massachusetts Magistrate Judge’s order requiring these documents to be produced by noting that his opinion was “with the 20/20 vision of hindsight,” he found himself resolving that Crime-Fraud Exception was erroneously applied. This left us wondering, why did the Magistrate Judge have the last word on the production of documents that eventually led to the indictment of Lauren Stevens? Could this entire trial have been avoided had the discovery order been overturned? (more…)
District of Maryland Judge Dismisses Charges Against Glaxo Lawyer Lauren Stevens
On Tuesday, Hon. Roger W. Titus of the District of Maryland granted defendant Lauren Stevens’ Rule 29 Motion for Judgment, acquitting her of all six charges brought against her. The opinion is notable as a hindsight analysis of the crime-fraud exception to the attorney-client privilege, the statutory safe harbor for advice of counsel in obstruction cases, and yet another example of good faith winning the day. For attorneys, the opinion is also a ringing endorsement for zealous advocacy. (more…)
TAGS: Bribery, Corruption, Internal Investigations