Columbia Law School
Sky Blog
White Collar Crime
In Criminal Justice, Companies Get a Roadmap, While People Get a Maze
The strangest thing about federal criminal justice today may be that companies are offered a clearer path to redemption than people are.
When a corporation commits a crime, the U.S. Justice Department increasingly offers something close to a path to …
Sidley Discusses the First Prediction Market Insider Trading Case
On April 23, 2026, the U.S. Attorney’s Office for the Southern District of New York (SDNY) and the Commodity Futures Trading Commission (CFTC) announced parallel criminal and civil enforcement actions against an active-duty U.S. Army servicemember, alleging that he used …
Inequitable Sentencing Disparities in Insider Trading
In a forthcoming article, we examine the inequities and disparities in federal sentencing for insider trading convictions. The article examines the causes, symptoms and reach of this phenomenon and recommends corrective measures, including a deemphasis of financial harm-based sentencing enhancements …
John C. Coffee, Jr. – Indicting One’s Political Enemies: The Southern Poverty Law Center Story
Much commentary has focused on the Trump Administration’s use of criminal prosecutions to gain political vengeance and enforce conformity with Trumpian policy preferences. The clearest examples of such political retaliation involve New York Attorney General Letitia James, and Federal Reserve …
Davis Polk Discusses DOJ Self-Disclosure Policy for Criminal Cases
On March 10, 2026, the Department of Justice announced its first ever Department-wide corporate enforcement policy for all criminal cases. Under the new policy, companies that self-report misconduct could be eligible for a declination and avoid fines or monitors.
The …
Cleary Gottlieb Discusses Significant Developments in DOJ Enforcement Priorities
The past year brought significant changes to the Department of Justice (DOJ) following the changeover to the new administration in late January. New DOJ leadership shifted priorities toward areas more aligned with the broader goals of the administration, including investigations …
Independent Monitorships, Corporate Culture, and the Limits of Compliance Reform
Independent monitorships have become a familiar feature of modern corporate enforcement. Once largely confined to court-appointed special masters in public law litigation, monitors are now routinely imposed in corporate settlements with the Department of Justice, the Securities and Exchange Commission, …
Paul Weiss Reviews DOJ Corporate Enforcement in 2025
In 2025, U.S. Department of Justice (“DOJ” or the “Department”) leaders announced significant recalibrations of the Department’s corporate enforcement priorities. For example, in a May 12, 2025 memorandum from then-Acting Assistant Attorney General of DOJ’s Criminal Division, Matthew R. Galeotti, …
How States Can Restore Public Accountability for Corporate Misconduct
The traditional mechanisms for ensuring corporate accountability – civil, regulatory, and federal criminal – are failing. At the same time, industries that generate great economic value are inflicting a great deal of harm. This moment calls for effective reforms that …
Cleary Discusses First Resolution of Criminal FCPA Case Since Enforcement Pause
On November 10, 2025, Comunicaciones Celulares S.A. (“Comcel” d/b/a “TIGO Guatemala (“TIGO”)”), a subsidiary of Millicom International Cellular (“Millicom”), a Luxembourg company, entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”) to resolve a criminal investigation …
Artificial Intelligence, Misinformation, and Market Misconduct
Artificial intelligence (AI) poses a clear and present danger to our money and our markets. With AI, bad actors and rogue nations can readily and cheaply engage in market manipulation, financial misinformation, and regulatory misconduct that threaten the stability, integrity, …
Paul Weiss Discusses DOJ, Treasury Enforcement Against Southeast Asian Scam Networks
On October 14, 2025, the Department of Justice (DOJ), the Department of Treasury’s Office of Foreign Assets Control (OFAC), and Treasury’s Financial Crimes Enforcement Network (FinCEN) announced significant enforcement actions against Southeast-Asian scam networks targeting Americans through “pig butchering” cryptocurrency …
Wachtell Lipton Discusses Sixth Circuit Decision on Privilege and Work-Product Protections in Internal Investigations
Conducting an internal investigation in a disciplined and organized way is essential to protecting privilege. A recent decision of the U.S. Court of Appeals for the Sixth Circuit, In re FirstEnergy Corporation, No. 24-3654 (Oct. 3, 2025), underscores that …
Paul Weiss Discusses Second Circuit Limit on Insider Trading Liability for Prime Brokers
On September 16, 2025, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of insider trading claims against Morgan Stanley and Goldman Sachs (the “Banks”) following the March 2021 collapse of Archegos Capital Management. Plaintiffs—investors in seven …
Will New FCPA Guidelines Make U.S. Businesses More Competitive?
On June 9, 2025, Department of Justice (“DOJ”) issued “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” as contemplated by President Trump’s February 10, 2025 executive order, which, among other things, paused enforcement of …
Wachtell Lipton Discusses Supreme Court Business Docket for October Term 2024
Following on the heels of last year’s blockbuster Term, the Supreme Court recently concluded another of equal consequence. But even as the Court grappled with contentious issues ranging from birthright citizenship to the process owed deportees, it also issued significant …
Skadden Discusses New HHS and DOJ Working Group on FCA Enforcement
On July 2, 2025, the Department of Health and Human Services (HHS) and the Department of Justice (DOJ) announced the reinvigoration of their False Claims Act (FCA) enforcement efforts through the formation of a joint FCA Working Group. The announcement …
Cleary Gottlieb Discusses First DOJ Declination Under Merger-Related Safe Harbor Provisions
On June 16, 2025, the Department of Justice’s National Security Division (“NSD”) and the U.S. Attorney’s Office for the Southern District of Texas announced a landmark declination to prosecute private equity firm White Deer Management LLC following its voluntary self-disclosure …
Paul Weiss Discusses New DOJ Guidance on Crediting Penalties in Coordinated Resolutions
On June 5, 2025, the Head of the Criminal Division of the Department of Justice (“DOJ”), Matthew R. Galeotti, issued a memorandum providing guidance to Criminal Division prosecutors on corporate resolutions involving parallel criminal, civil, regulatory, and administrative proceedings by …