Disgorgement has been the primary enforcement tool in many FCPA enforcement actions by the US Securities and Exchange Commission (SEC) over these past few years, with most of the top 10 disgorgements being well over US$100 million.
The recent US Supreme Court ruling in the matter of Kokesh v SEC concludes that the SEC disgorgement orders applied in many federal securities cases do constitute a penalty and are therefore subject to the five year statute of limitations.
FRA's Rik Workman explores in GIR the potential consequences of this ruling in FCPA cases going forward.
Author: Rik Workman, partner
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