The Securities Fraud Class Action after Goldman Sachs
In: 55 American Business Law Journal (Forthcoming)
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In: 55 American Business Law Journal (Forthcoming)
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In: Review of Banking and Financial Law, Forthcoming
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In: Georgia Law Review, Band 54
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Working paper
In: Vol. 55 Columbia Journal of Transnational Law 592 (2017)
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In: Berkeley Journal of International Law (BJIL), Forthcoming
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In: Michigan Journal of International Law, Band 36, Heft 1
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In: 2015:3 Columbia Business Law Review 967 (2015)
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Prohibitions against transnational bribery suffer from a paradoxical problem of simultaneous over- and under-enforcement. On the "supply-side," U.S. enforcement against bribery through the Foreign Corrupt Practices Act (FCPA) is increasingly over-aggressive, while enforcement by other developed economies is nearly non-existent. On the "demand-side," governments of developing economies where bribes take place often have neither an interest in nor the capacity to rein in their corrupt officials. In light of these shortcomings, this Article proposes reforming the FCPA as follows. First, the SEC should cease paying profits disgorged by corporate defendants into the U.S. Treasury. Second, disgorgements should instead be transferred to the Host country where bribery took place, conditional on the Host government's cooperation with the FCPA investigation. And third, if cooperation is not forthcoming, disgorgement proceeds should be transferred to the Organisation for Economic Co-operation and Development (OECD) Working Group—an international organization designed to facilitate the enforcement of the OECD Convention on Combating Bribery. Reforming FCPA enforcement in this manner would re-allocate the proceeds from anti-bribery regulation on a global scale so as to properly align the incentives of the parties involved and provide greater access to the information required for effective enforcement.
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In: Northwestern Journal of International Law & Business, Band 33, S. 325
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In: New York University Journal of International Law and Politics, Band 42, S. 981
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In: Kelley School of Business Research Paper No. 18-49
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In: 56 Georgia Law Review 495 (2022)
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In: 115 Northwestern University Law Review 647 (2020)
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