Rare Scolding In FCPA Case Shows SEC Can Go Too Far

Law360, New York (February 20, 2013, 8:05 PM EST) -- 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...
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