Law360, New York (February 17, 2011, 1:56 PM ET) -- A Tidewater Inc. shareholder has launched a derivative suit against the offshore services provider’s top brass over alleged Foreign Corrupt Practices Act violations that cost the company $15 million in enforcement settlements.
The complaint, lodged Wednesday in the U.S. District Court for the Eastern District of Louisiana, claims the Tidewater board members are liable for millions in handouts to officials in Azerbaijan and Nigeria and the ensuing investigations over Tidewater’s doctored books.
Under the board’s watch, Tidewater agents paid government officials in Azerbaijan more than $160,000...
Investor Targets Tidewater Board Over FCPA Cases
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