Braskem Concludes 2016 FCPA Settlement with United States Department of Justice and Securities and Exchange Commission
Washington, D.C. – Paul Hastings LLP, a leading global law firm, advised Braskem on the conclusion of its December 2016 FCPA settlement with the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). The DOJ and SEC have certified that Braskem’s anti-corruption program met the requirements of the settlement, and the DOJ further confirmed that the plea agreement was successfully concluded. Since the 2016 settlement, Paul Hastings has continued advising Braskem on its anti-corruption monitorship that has concluded with the certification from the DOJ and SEC.
In 2016, Braskem’s $957 million joint U.S. DOJ, U.S. SEC, Swiss, and Brazilian resolutions amounted to the third largest case in FCPA history at the time. Combined with the simultaneous settlement between these authorities and Odebrecht (≈USD$3.5 billion), the FCPA settlement was one of the largest corruption resolutions in history.
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