Goldman Sachs lands second on the FCPA disgorgement top ten list
As part of Goldman Sachs’ record-breaking $3.3 billion FCPA resolution, the SEC ordered the company to disgorge $606.3 million.
That’s the second biggest disgorgement ever ordered in an FCPA enforcement action.
The SEC
imposed the disgorgement through an administrative order, and said Goldman Sachs will receive a dollar-for-dollar disgorgement credit of $606.3 million
based on the U.S. dollar value of similar payments made to the Government of Malaysia and 1MDB as part of the company’s July settlement with Malaysia authorities.
The FCPA Blog
bases its disgorgement top ten list on the total monetary value of disgorgement orders, without regard to where the SEC says disgorgement can or should be paid.
What’s the legal basis for disgorgement?
The SEC is authorized to use it as an equitable remedy under the Securities Exchange Act of 1934, which says at 15 U.S.C. § 78u-2,
Here are the current top ten FCPA-related corporate disgorgements (including pre-judgment interest):
1. Petrobras $933.5 million in 2018
2. Goldman Sachs Group, Inc. $606.3 million in 2020
3. Ericsson $540 million in 2019
4. Telia $457 million in 2017
5. VimpelCom $375 million in 2016
6. Siemens $350 million in 2008
7. Teva $236 million in 2016
8. Och-Ziff $199 million in 2016
9. KBR $177 million in 2009
10. Alcoa $161 million in 2014The FCPA Blog
https://fcpablog.com/2020/11/09/goldman-sachs-lands-second-on-the-fcpa-disgorgement-top-ten-list/