Rare Scolding In FCPA Case Shows SEC Can Go Too Far

Law360, New York (February 20, 2013, 8:05 PM ET) -- The U.S. Securities and Exchange Commission isn’t used to hearing “no” in Foreign Corrupt Practices Act cases, but a New York federal judge drew a line in the sand Tuesday by declaring the agency had gone overboard in suing a former Siemens AG executive with no direct ties to the United States.

In a judicial rebuke, U.S. District Judge Shira Scheindlin granted Herbert Steffen’s motion to be dismissed from an SEC suit over the company’s alleged $100 million bribery scheme. Steffen, a 74-year-old German citizen, served...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required