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Of shell companies, law firms, and the FCPA

Tom Fox | June 13, 2016

The fallout from the Panama Papers case continues and it has taken a new direction, which might prove to be an interesting front for other areas, such as enforcement of the FCPA. The Wall Street Journal reported that the “NML Capital Ltd., [NML] a unit of hedge-fund giant Elliott Management Corp. … is suing the Panamanian law firm Mossack Fonseca for obstruction of justice.” This claim of obstruction of justice relates to litigation that Elliott Management Corp. and others engaged in with the country of Argentina over default on its bond payments.

That underlying claim with Argentina has been resolved, but NML is now pursuing a claim directly against the law firm Mossack Fonseca, alleging “the law firm set up shell companies in Nevada that were used to siphon stolen money from Argentina and then obstructed its efforts to uncover those links.” Mossack Fonseca had a Nevada...

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