Company Spends 9 Million To Respond To FCPA Subpoena

first_imgIt is certainly not every day that I stumble upon a YouTube video in which an executive discloses (in what is believed to be for the first time) that the company was the subject of Foreign Corrupt Practices Act scrutiny.It is certainly not every day that a company spends $9 million to respond to an FCPA subpoena.Yet that is what a Managing Director of Black Creek Capital and C0-Founder and Principal of Denver-based Mexico Retail Properties Group says in the below video.That the video is essentially a commercial for the company’s law firm in a related insurance coverage dispute makes the video all the more unusual.In the below video, a commercial for the law firm Miller Friel PLLC, Burstein talks about how his company received an FCPA subpoena that requested 8 years of e-mails and accounting records. According to the executive, the company hired a “prestigious” law firm and forensic accountants, and ended up spending $9 million to produce the requested information.If I were the executive, rather than shoot a commercial, I’d be asking some serious questions about why merely responding to an FCPA subpoena cost the company $9 million. Moreover, if I were the D&O insurer I’d be asking the same questions.last_img read more