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Litigation

FCPA and Anti‑Corruption

FCPA and Anti‑Corruption

Cravath has extensive experience advising U.S. and non‑U.S. clients with respect to their most complex litigation and investigation matters involving the Foreign Corrupt Practices Act (FCPA) and other anti‑corruption laws, and is equally well‑versed in all aspects of FCPA enforcement and compliance.

Cravath routinely assists companies in investigating potential violations of the FCPA around the world, including conducting global internal investigations and representing clients in criminal and civil investigations and enforcement actions before the FCPA units of the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S. Attorney’s Offices, SEC regional offices and foreign regulators. In addition, boards of directors, general counsels and senior executives turn to Cravath for guidance on anti‑corruption compliance in structuring their companies’ compliance programs and remediating and mitigating the enforcement impact of FCPA violations. We also perform counterparty and transaction due diligence in M&A and other corporate transactions, including by evaluating an entity’s corruption risk profile, its compliance program and relevant internal controls—helping to prevent potential corruption-related problems before they arise and to minimize potential exposure. Our team additionally represents clients in securities, shareholder derivative, civil racketeering (RICO) and other private lawsuits that may accompany government anti‑corruption investigations.

We have served as corporate compliance monitors, defended and advised clients who are subject to FCPA monitorships and have been counsel to corporate monitors. In 2017, the DOJ appointed Cravath partner John D. Buretta, former Principal Deputy Assistant Attorney General who oversaw the DOJ Criminal Division’s FCPA unit, to serve as compliance monitor regarding the worldwide operations of Takata Corporation, an auto safety component manufacturer. In what has been called “the largest, most complex consumer safety effort in U.S. history,” Mr. Buretta worked for over five years to enhance Takata’s safety and compliance programs, and accelerate the recall of defective airbags, which affected every major car manufacturer in the world.

In addition, in the last several years, Cravath concluded two of the most complex multiagency, multicountry FCPA matters on the public record. We represented Telia Company as lead U.S. counsel in a three‑and‑a‑half‑year investigation by the SEC, DOJ and Swedish and Dutch authorities into Telia’s compliance with anti‑corruption laws. Cravath also represented SBM Offshore in reaching a settlement with the DOJ in connection with Petrobras and other legacy bribery issues.

Cravath’s investigations partners include former senior DOJ prosecutors and SEC officials based in New York and Washington, D.C., who bring an insider’s perspective to FCPA investigations and enforcement proceedings and routinely handle company, board and individual representations. This strongly positions our team to collaborate with regulators to serve in monitorship roles and provides powerful insight into government agency operations.

Cravath routinely assists companies in investigating potential violations of the FCPA around the world, including conducting global internal investigations and representing clients in criminal and civil investigations and enforcement actions before the FCPA units of the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S. Attorney’s Offices, SEC regional offices and foreign regulators. In addition, boards of directors, general counsels and senior executives turn to Cravath for guidance on anti‑corruption compliance in structuring their companies’ compliance programs and remediating and mitigating the enforcement impact of FCPA violations. We also perform counterparty and transaction due diligence in M&A and other corporate transactions, including by evaluating an entity’s corruption risk profile, its compliance program and relevant internal controls—helping to prevent potential corruption-related problems before they arise and to minimize potential exposure. Our team additionally represents clients in securities, shareholder derivative, civil racketeering (RICO) and other private lawsuits that may accompany government anti‑corruption investigations.

We have served as corporate compliance monitors, defended and advised clients who are subject to FCPA monitorships and have been counsel to corporate monitors. In 2017, the DOJ appointed Cravath partner John D. Buretta, former Principal Deputy Assistant Attorney General who oversaw the DOJ Criminal Division’s FCPA unit, to serve as compliance monitor regarding the worldwide operations of Takata Corporation, an auto safety component manufacturer. In what has been called “the largest, most complex consumer safety effort in U.S. history,” Mr. Buretta worked for over five years to enhance Takata’s safety and compliance programs, and accelerate the recall of defective airbags, which affected every major car manufacturer in the world.

In addition, in the last several years, Cravath concluded two of the most complex multiagency, multicountry FCPA matters on the public record. We represented Telia Company as lead U.S. counsel in a three‑and‑a‑half‑year investigation by the SEC, DOJ and Swedish and Dutch authorities into Telia’s compliance with anti‑corruption laws. Cravath also represented SBM Offshore in reaching a settlement with the DOJ in connection with Petrobras and other legacy bribery issues.

Cravath’s investigations partners include former senior DOJ prosecutors and SEC officials based in New York and Washington, D.C., who bring an insider’s perspective to FCPA investigations and enforcement proceedings and routinely handle company, board and individual representations. This strongly positions our team to collaborate with regulators to serve in monitorship roles and provides powerful insight into government agency operations.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

March 21, 2024

Keppel Offshore & Marine Ltd. Wins Summary Judgment Dismissing Fraud Claims

On March 20, 2024, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Keppel Offshore & Marine Ltd. (“KOM”), dismissing an action alleging claims for fraud, aiding and abetting fraud and conspiracy. Plaintiffs, a set of energy and investment funds managed by EIG Management Company, LLC (collectively, “EIG”) claimed that KOM failed to disclose that it was engaged in a bribery scheme with Petróleo Brasileiro S.A. (“Petrobras”), the Brazilian oil company, and with a company under Petrobras’s control, Sete Brasil Participações, S.A. (“Sete”). According to EIG, this failure to disclose caused EIG to invest over $220 million in Sete, defrauding EIG.

Deals & Cases

November 29, 2017

SBM Offshore Reaches FCPA Settlement with U.S. Authorities in Connection with Petrobras and Other Legacy Bribery Issues

On November 29, 2017, Cravath client SBM Offshore N.V. (“SBM”), a Netherlands-based provider of floating production solutions to the offshore energy industry, reached a settlement with the U.S. Department of Justice relating to legacy bribery issues in Brazil, Equatorial Guinea, Angola and elsewhere. The settlement includes a deferred prosecution agreement for the parent company, no monitorship, a guilty plea by SBM’s U.S. subsidiary and a financial sanction of $238 million. SBM received a substantial reduction in penalty based on its cooperation and remediation.

Deals & Cases

June 16, 2017

Qualcomm Directors and Officers Win Dismissal of Shareholder Derivative Suit Related to Purported FCPA Violations

On June 16, 2017, the Delaware Court of Chancery dismissed a stockholder derivative lawsuit brought against current and former directors and officers of Qualcomm Incorporated alleging, among other claims, that defendants breached their fiduciary duties by allegedly failing to prevent purported FCPA violations by the company. In granting the dismissal, Vice Chancellor Tamika R. Montgomery‑Reeves held that the complaint did not plead sufficient facts to infer that the individual defendants had acted in bad faith or that the directors faced a substantial likelihood of personal liability such that plaintiffs’ failure to make a demand on the board to bring a suit was excused.

Deals & Cases

March 23, 2016

Novartis AG Settles SEC FCPA Investigation into Use of Chinese Travel Agencies

On March 23, 2016, the SEC announced a settlement with Cravath client Novartis AG that ended an investigation concerning Novartis’s use of travel agencies in China. Pursuant to the settlement, Novartis agreed to pay $25 million to settle claims that it had violated the FCPA’s internal controls and books and records provisions, without admitting or denying the charges.

Activities

March 21, 2025

Evan Norris Speaks at ICC Mexico and Anticorruption Commission’s IX Anticorruption Postgraduate Course

On March 18, 2025, Cravath partner Evan Norris participated in the International Chamber of Commerce Mexico and the Anticorruption Commission’s IX Anticorruption Postgraduate Course, hosted in collaboration with Universidad Panamericana. The course brought together high‑level government officials, legal scholars and practitioners for sessions on combatting national and global corruption. Evan’s session focused on developments in U.S. criminal enforcement in sports.

Activities

December 12, 2024

Rachel Skaistis Featured in Lawdragon’s “Lawyer Limelight” Series

On November 12, 2024, Cravath partner Rachel Skaistis was profiled in Lawdragon’s “Lawyer Limelight” series alongside her sister Hannah Ross, who is a partner at a different New York-based law firm. In the joint Q&A, Rachel and Hannah discussed their parallel paths to partnership and reflected on their individual practices in securities law. Describing what she is proudest of in her work, Rachel said: “I have had the privilege of working with such amazing lawyers, and I’ve gotten to learn from so many litigation styles. But it is nice to get to a point where you feel like you have found a style of practicing and advising your clients that is true to who you are.” The sisters also spoke about the mentors and role models, including each other, who helped shape their careers as female litigators.

Activities

November 26, 2024

Evan Norris Featured on the Federal Reserve Bank of New York’s “Bank Notes” Podcast

In November 2024, Cravath partner Evan Norris was featured as a guest on the third episode of the Federal Reserve Bank of New York’s “Bank Notes” podcast series on banking culture reform. During the conversation, Evan discussed the FIFA corruption investigation, drawing on his experience as a former federal prosecutor, and reflected on lessons for the financial services sector from his work in government and private practice. Evan also addressed the importance of building cultures of strong compliance within large organizations and the ways misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement.

Publications

November 22, 2024

John Buretta and Megan Lew Author Chapter in Global Investigations Review’s “The Practitioner’s Guide To Global Investigations – Ninth Edition”

Cravath partner John D. Buretta authored a chapter on cooperating with U.S. authorities in Global Investigations Review’s “The Practitioner’s Guide To Global Investigations – Ninth Edition,” which was published on November 13, 2024. The chapter, co‑authored by of counsel Megan Y. Lew and associate Benjamin S. Spiegel, reviews how U.S. government authorities define cooperation, identifies the pros and cons of cooperating with the authorities and highlights special considerations in multi agency and cross border investigations.

Activities

November 14, 2024

Cravath Hosts Global Enforcement Forum 2024

On October 24, 2024, Cravath hosted its sixth annual Global Enforcement Forum at its offices in New York. The event brought together investigations and regulatory lawyers from the Firm and leading foreign firms across the globe for a series of panel discussions and roundtables examining significant developments in enforcement.

Deals & Cases

March 21, 2024

Keppel Offshore & Marine Ltd. Wins Summary Judgment Dismissing Fraud Claims

On March 20, 2024, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Keppel Offshore & Marine Ltd. (“KOM”), dismissing an action alleging claims for fraud, aiding and abetting fraud and conspiracy. Plaintiffs, a set of energy and investment funds managed by EIG Management Company, LLC (collectively, “EIG”) claimed that KOM failed to disclose that it was engaged in a bribery scheme with Petróleo Brasileiro S.A. (“Petrobras”), the Brazilian oil company, and with a company under Petrobras’s control, Sete Brasil Participações, S.A. (“Sete”). According to EIG, this failure to disclose caused EIG to invest over $220 million in Sete, defrauding EIG.

Deals & Cases

November 29, 2017

SBM Offshore Reaches FCPA Settlement with U.S. Authorities in Connection with Petrobras and Other Legacy Bribery Issues

On November 29, 2017, Cravath client SBM Offshore N.V. (“SBM”), a Netherlands-based provider of floating production solutions to the offshore energy industry, reached a settlement with the U.S. Department of Justice relating to legacy bribery issues in Brazil, Equatorial Guinea, Angola and elsewhere. The settlement includes a deferred prosecution agreement for the parent company, no monitorship, a guilty plea by SBM’s U.S. subsidiary and a financial sanction of $238 million. SBM received a substantial reduction in penalty based on its cooperation and remediation.

Deals & Cases

June 16, 2017

Qualcomm Directors and Officers Win Dismissal of Shareholder Derivative Suit Related to Purported FCPA Violations

On June 16, 2017, the Delaware Court of Chancery dismissed a stockholder derivative lawsuit brought against current and former directors and officers of Qualcomm Incorporated alleging, among other claims, that defendants breached their fiduciary duties by allegedly failing to prevent purported FCPA violations by the company. In granting the dismissal, Vice Chancellor Tamika R. Montgomery‑Reeves held that the complaint did not plead sufficient facts to infer that the individual defendants had acted in bad faith or that the directors faced a substantial likelihood of personal liability such that plaintiffs’ failure to make a demand on the board to bring a suit was excused.

Deals & Cases

March 23, 2016

Novartis AG Settles SEC FCPA Investigation into Use of Chinese Travel Agencies

On March 23, 2016, the SEC announced a settlement with Cravath client Novartis AG that ended an investigation concerning Novartis’s use of travel agencies in China. Pursuant to the settlement, Novartis agreed to pay $25 million to settle claims that it had violated the FCPA’s internal controls and books and records provisions, without admitting or denying the charges.

Activities

March 21, 2025

Evan Norris Speaks at ICC Mexico and Anticorruption Commission’s IX Anticorruption Postgraduate Course

On March 18, 2025, Cravath partner Evan Norris participated in the International Chamber of Commerce Mexico and the Anticorruption Commission’s IX Anticorruption Postgraduate Course, hosted in collaboration with Universidad Panamericana. The course brought together high‑level government officials, legal scholars and practitioners for sessions on combatting national and global corruption. Evan’s session focused on developments in U.S. criminal enforcement in sports.

Activities

December 12, 2024

Rachel Skaistis Featured in Lawdragon’s “Lawyer Limelight” Series

On November 12, 2024, Cravath partner Rachel Skaistis was profiled in Lawdragon’s “Lawyer Limelight” series alongside her sister Hannah Ross, who is a partner at a different New York-based law firm. In the joint Q&A, Rachel and Hannah discussed their parallel paths to partnership and reflected on their individual practices in securities law. Describing what she is proudest of in her work, Rachel said: “I have had the privilege of working with such amazing lawyers, and I’ve gotten to learn from so many litigation styles. But it is nice to get to a point where you feel like you have found a style of practicing and advising your clients that is true to who you are.” The sisters also spoke about the mentors and role models, including each other, who helped shape their careers as female litigators.

Activities

November 26, 2024

Evan Norris Featured on the Federal Reserve Bank of New York’s “Bank Notes” Podcast

In November 2024, Cravath partner Evan Norris was featured as a guest on the third episode of the Federal Reserve Bank of New York’s “Bank Notes” podcast series on banking culture reform. During the conversation, Evan discussed the FIFA corruption investigation, drawing on his experience as a former federal prosecutor, and reflected on lessons for the financial services sector from his work in government and private practice. Evan also addressed the importance of building cultures of strong compliance within large organizations and the ways misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement.

Publications

November 22, 2024

John Buretta and Megan Lew Author Chapter in Global Investigations Review’s “The Practitioner’s Guide To Global Investigations – Ninth Edition”

Cravath partner John D. Buretta authored a chapter on cooperating with U.S. authorities in Global Investigations Review’s “The Practitioner’s Guide To Global Investigations – Ninth Edition,” which was published on November 13, 2024. The chapter, co‑authored by of counsel Megan Y. Lew and associate Benjamin S. Spiegel, reviews how U.S. government authorities define cooperation, identifies the pros and cons of cooperating with the authorities and highlights special considerations in multi agency and cross border investigations.

Activities

November 14, 2024

Cravath Hosts Global Enforcement Forum 2024

On October 24, 2024, Cravath hosted its sixth annual Global Enforcement Forum at its offices in New York. The event brought together investigations and regulatory lawyers from the Firm and leading foreign firms across the globe for a series of panel discussions and roundtables examining significant developments in enforcement.

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Cravath Bicentennial

Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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