FCPA and Anti‑Corruption

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.

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.

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.

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.

On June 10, 2025, Cravath partner Nicole M. Argentieri participated in the American Conference Institute’s 23rd New York Forum on Global Anti‑Corruption, Ethics & Compliance, which was held from June 10‑11 in New York. The forum convened compliance leaders and experts from law firms, government and the private sector to discuss new insights, best practices and practical strategies on compliance risks and regulatory enforcement. Nicole spoke on a panel entitled “Current and Former DOJ and SEC Officials Unpack New White‑Collar Enforcement Priorities and Policies and What They Mean for Compliance and Internal Investigations Professionals,” during which panelists discussed the evolving landscape of enforcement and new priorities at the DOJ and SEC, as well as practical takeaways for updating risk management, internal investigations and compliance strategies.

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.

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.

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.

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.