The Governance Implications of DOJ’s New Voluntary Self-Disclosure Program for Individuals

By Michael W. Peregrine and Ashley C. Hoff May 3, 2024 by renholding

The Department of Justice recently announced a new policy on voluntary self-disclosure for individuals (the Pilot Program) that is likely to create significant challenges for a board of director’s audit and compliance committees, as well as tension among employees — …

The Fuel that Runs the Corporate Investigation Machine

By Samuel Buell and Jennifer Arlen December 2, 2019 by renholding

The United States pursues more successful corporate criminal enforcement actions against large multi-national firms than any other country, collecting enormous penalties and occupying center stage in the global enforcement arena. U.S. dominance draws its horsepower and its torque from two …

U.S. Corporate DPA Program: International Embarrassment?

By Peter Reilly March 5, 2019 by renholding

In a forthcoming paper in Arizona State Law Journal, I argue two main points regarding Deferred Prosecution Agreements (DPAs) negotiated between federal prosecutors and corporations accused of misconduct: First, since the recent appellate court ruling in United States v.…

Gibson Dunn Offers Year-End Update on Corporate Non-Prosecution and Deferred Prosecution Agreements

By F. Joseph Warin, M. Kendall Day, Courtney Brown, Chelsea Ferguson and Melissa Farrar January 21, 2019 by renholding

In 2018, the number of corporate non-prosecution agreements (“NPAs”) and deferred prosecution agreements (“DPAs”)[1] in the United States remained steady—2018 yielded at least 24 agreements [2]—but the monetary recoveries skyrocketed to nearly $8.1 billion.[2a] While the comparative …

SEC Proposes Changes to Whistleblower Rule

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the

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The Public Interest in Corporate Settlements

By Brandon L. Garrett March 23, 2017 by renholding

Corporate settlements are proliferating in form and function. They include consent decrees, corporate integrity agreements, deferred prosecution agreements, non-prosecution agreements, leniency agreements, and plea bargains. Enforcers at the federal and state level now enter an array of administrative, civil, and …

Gibson Dunn Offers Update on Non-Prosecution and Deferred Prosecution Agreements

By F. Joseph Warin, Michael Diamant, Patrick Doris, Charlie Geffen, Nicholas Aleksander and Anne MacPherson, Mark Handley and Melissa Farrar January 16, 2017 by renholding

The pendulum swung sharply back last year from 2015’s record volume of corporate non-prosecution agreements (“NPAs”) and deferred prosecution agreements (“DPAs”), but the overall yield remained generally consistent with the prosecutions we have seen since the 2008–2009 economic recession.[1]…

Reconsidering Corporate Criminal Prosecution

By David M. Uhlmann August 19, 2015 by ilyabeylin

For more than a decade, the Justice Department morphed its approach to corporate crime, eschewing criminal prosecutions in favor of deferred prosecution and non-prosecution agreements that allowed large corporations to avoid the ignominy of criminal convictions. The trend began during …

Stock Price Response to Non- and Deferred Prosecution Agreements

By Wulf Kaal July 14, 2015 by ilyabeylin

In response to perceived corporate governance shortcomings in major U.S. corporations, the U.S. Department of Justice, starting in 2002, substantially increased the execution of non- and deferred prosecution agreements (N/DPAs). High profile N/DPAs and plea agreements executed in 2012 and …

Wachtell Lipton Discusses the SEC and “Exceptional” Cooperation

By David A. Katz, Wayne M. Carlin and David B. Anders April 26, 2013 by Jason Parsont

Earlier this week, the SEC announced that it had entered into a non-prosecution agreement (NPA) with Ralph Lauren Corporation to resolve an investigation under the Foreign Corrupt Practices Act (FCPA). While the Department of Justice also announced that it had …

The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

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