Tidewater Defeats Derivative Suit Over FCPA Settlements

Law360, New York (July 03, 2012, 6:23 PM ET) -- A Louisiana federal judge on Monday said a disgruntled Tidewater Inc. shareholder should have brought his grievances to his board of directors before filing a derivative action over the offshore oil servicer’s $15 million settlement of civil and criminal charges under the Foreign Corrupt Practices Act.

While it’s certain that Tidewater disguised bribe payments to Nigerian officials as legitimate business expenses, there is no evidence that the deception was a result of a board conspiracy or that any individual board member had participated in or benefited...
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