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Delaware’s Walmart Ruling Has Consequences Big and Small

Tom Fox | August 19, 2014

Shareholder derivative actions are beginning to play a greater role in Foreign Corrupt Practices Act enforcement. They are also spurring some companies to make changes to their FCPA compliance programs.

In 2011, for example, SciClone Pharmaceuticals settled a shareholder derivative action based on FCPA allegations in which it agreed to institute a wide-ranging anti-corruption compliance program that was until that point nonexistent. In 2012, Halliburton settled a similar shareholder action by agreeing to enhance its FCPA compliance program. These actions, though, may pale in comparison to a shareholder action working its way...

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