Category Archives: Corporate Investigations

DOJ Announces First FCPA Enforcement Activity After Months-Long Pause

by Kimberly A. Parker, Jay Holtmeier, Erin G.H. Sloane, and Christopher Cestaro

Left to Right: Kimberly A. Parker, Jay Holtmeier, Erin G.H. Sloane, and Christopher Cestaro (photos courtesy of WilmerHale)

Over the past week, the U.S. Department of Justice (“DOJ”) unsealed its first Foreign Corrupt Practices Act (“FCPA”) enforcement action and issued its first declination since the pause in FCPA enforcement mandated by President Donald Trump’s February 10, 2025 Executive Order (“February Executive Order”)[1] and the subsequent issuance of updated FCPA enforcement guidelines, the Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA) (“June Guidelines”).[2]  

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A Step Towards Transparency Or The Devil Is In The Detail? Analysing The Effectiveness Of The SFO’s New Corporate Guidance

by Jonah Anderson, Neill Blundell, Anneka Randhawa, and Phil Taylor

Photos of the authors

From left to right: Jonah Anderson, Neill Blundell, Anneka Randhawa and Phil Taylor (photos courtesy of White & Case LLP)

More than a decade ago, the concept of the Deferred Prosecution Agreement (DPA) became part of UK law. Ever since, there has been considerable uncertainty as to exactly what conditions a company needs to meet in order to be given the chance to enter into a DPA. Continue reading →

White Collar Experts Discuss New DOJ Criminal Enforcement Priorities (Part II)

Editor’s Note: PCCE has been following the Trump Administration’s new approach to corporate criminal enforcement. In this post, which is the second in a 2-part series, PCCE invited leading white collar practitioners to discuss the new enforcement priorities and revisions to the DOJ Criminal Division’s Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP) outlined by Matthew Galeotti, Head of the Criminal Division for the DOJ, in a speech at the SIFMA Anti-Money Laundering and Financial Crimes Conference on May 12, 2025.

Photos of the authors

Left to right: Robertson Park, Elizabeth Roper, and Maria Piontkovska (photos courtesy of the authors)

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White Collar Experts Discuss New DOJ Criminal Enforcement Priorities (Part I)

Editor’s Note: PCCE has been following the Trump Administration’s new approach to corporate criminal enforcement. In this post, PCCE invited leading white collar practitioners to discuss the new enforcement priorities and revisions to the DOJ Criminal Division’s Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP) outlined by Matthew Galeotti, Head of the Criminal Division for the DOJ, in a speech at the SIFMA Anti-Money Laundering and Financial Crimes Conference on May 12, 2025.

Photos of the authors

Top left to right: Paul Krieger, Michael Chang-Frieden, Sharon Cohen Levin, and Andrew J. DeFilippis
Bottom left to right: David Massey, Jamie Schafer, Seetha Ramachandran, and William C. Komaroff
(photos courtesy of the authors)

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European Union, United Kingdom Competition and Markets Authority Impose More Than €549 Million in Fines on Major Car Manufacturers for 15-Year Cartel Involving Vehicle Recycling

by Jonathan J. Rusch

photo of author

Photo courtesy of the author

On April 1, the European Commission (EC) and the United Kingdom Competition and Markets Authority (CMA) simultaneously announced that they had imposed fines collectively totaling more than €549 million against a total of 17 leading car manufacturers and two trade groups, the European Automobiles Manufacturers’ Association (ACEA) and the Society of Motor Manufacturers & Traders (SMMT), for conducting a more than 15-year cartel pertaining to “end-of-life” vehicle recycling.[1]

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SEC Now Requires Commission Approval for Subpoenas, but Says It Is Not ‘Walking Away’ From Enforcement

by Andrew Goldstein, Elizabeth Skey, and Bingxin Wu

Photos of the authors

Left to right: Andrew Goldstein, Elizabeth Skey and Bingxin Wu (photos courtesy of Cooley LLP)

On March 10, 2025, the US Securities and Exchange Commission (SEC) adopted a final rule that will require a majority of the commissioners to agree before the SEC formally opens an investigation. For the past 15 years, that power had been delegated to the SEC’s director of enforcement – enabling SEC staff attorneys to issue subpoenas to companies and individuals without approval of the commission. The new rule will make it more difficult for staff to gain subpoena power, adding a bureaucratic hurdle that could slow investigations down. At the same time, however, Acting Deputy Director of the Division of Enforcement Antonia Apps has insisted publicly that the SEC is not “walking away” from enforcement, but will focus on core areas, such as fraud and deceptive market practices.

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Personal and Ephemeral Messaging Platforms: A Priority Target for Enforcement and Regulators.

by David Craig, Michael Koenig, and Mark Rosman

Photos of the authors

Left to right: David Craig, Michael Koenig, and Mark Rosman (photos courtesy of Secretariat and Proskauer Rose)

In the not-too-distant past, professionals used email as their primary, if not their only, means of electronic communication. Texting was a futuristic novelty but also clumsy endeavor requiring between one and four button pushes on a small keypad to produce a single letter on an even smaller screen. It goes without saying, text messaging was ill-suited for rapid and substantive business communications. While a company’s employees occasionally sent work-related text messages for scheduling purposes, clear dividing lines generally existed between personal and professional communication. This made litigation holds and discovery relatively straight forward: discoverable business-related communications were in one bucket and non-discoverable personal communications were in another.

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President Trump and Attorney General Bondi Announce Significant Shift in FCPA and Other Corporate Enforcement Priorities

by Kimberly A. Parker, Matt Jones, Jay Holtmeier, Erin G.H. Sloane, Christopher Cestaro, Brenda E. Lee, Aaron M. Zebley and Emily L. Stark

Photos of authors.

Top left to right: Kimberly Parker, Matt Jones, Jay Holtmeier, and Erin Sloane. Bottom left to right: Christopher Cestaro, Brenda Lee, Aaron Zebley, and Emily Stark. (Photos courtesy of Wilmer Cutler Pickering Hale and Dorr LLP).

Soon after being sworn in, President Trump issued Executive Orders identifying top administration priorities: combating illegal immigration, drug cartels, and unlawful DEI practices. Taking a similar tack, on her first day in office, February 5, 2025, Attorney General Pamela Bondi instructed the US Department of Justice (“DOJ” or “Department”) to redirect its enforcement efforts from certain corporate crimes so that it could devote greater attention to the priorities outlined by the President. Across fourteen memoranda that promised more guidance to follow, Attorney General Bondi detailed changes that could transform the corporate enforcement landscape. This included a direction to the Foreign Corrupt Practices Act (“FCPA”) Unit of the DOJ to “prioritize investigations related to foreign bribery that facilitates the criminal operations of Cartels and TCOs,” or transnational criminal organizations, and to “shift focus away from investigations and cases that do not involve such a connection.”[1]

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Trump Administration Targets International Cartels and Transnational Criminal Organizations, Shifting Enforcement Focus for Businesses

by Joon Kim, Lisa Vicens, Rahul Mukhi, David Last, Samuel Chang, Katherine Lynch, and Jordan McMeans

Photos of the authors

Top left to right: Joon Kim, Lisa Vicens, Rahul Mukhi and David Last. Bottom left to right: Samuel Chang, Katherine Lynch, and Jordan McMeans (Photos courtesy of Cleary Gottlieb Steen & Hamilton LLP).

A recent Executive Order from President Donald Trump and subsequent memoranda from the Department of Justice (“DOJ”) signal an anticipated crackdown on international cartels, transnational criminal organizations (“TCOs”), and those who provide material support to such entities. This development exposes companies and individuals with foreign business operations and activities, particularly in Latin America, to potential increased risks in this area, while suggesting a shift in focus away from investigations and cases that do not involve such a connection. Since these cartels and TCOs are not formal entities with clear memberships, businesses operating in countries where these groups operate will likely face substantial challenges with respect to compliance and risk management. 

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Trust, But Verify…Therein Lies the Rub: A Fresh Look at Audits of Export Controls Compliance Programs

by Brent Carlson and Michael Huneke

Photos of the authors

Left to right: Brent Carlson and Michael Huneke (Photos courtesy of the authors)

Export controls have risen to a top corporate compliance priority in recent years, and now even pose enterprise risk for many companies.[1] The combination of new rules and enforcement signals from the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) and increasing bipartisan congressional scrutiny, means that in-house legal and compliance teams face enormous challenges. New, innovative tools and techniques are necessary to stay ahead of the game, and this includes making upgrades to keep a company’s audits effective.

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