5th Circ. Nixes Parker Drilling Investor's FCPA Suit

Law360, Houston (March 12, 2013, 12:17 PM EDT) -- The Fifth Circuit on Monday declined to revive a shareholder’s suit alleging directors of oil field services provider Parker Drilling Co. ignored a foreign bribery scheme that provoked a federal investigation and $16 million fine, saying a skipped procedural step was fatal to his case.

Without comment, the Fifth Circuit upheld a lower court’s decision to dismiss investor Douglas Freuler’s suit against Parker Drilling and its board of directors because he failed to direct his complaint to the board before filing suit. Freuler had claimed the...
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