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Dec. 20, 2023

Reinsurance Brokers’ Settlements Highlight Growing Emphasis on Cooperation Credit

  • Emily Sachs
    Anti-Corruption Report
Two U.K.-based reinsurance brokers that bribed Ecuadorian government officials recently entered into three-year deferred prosecution agreements with the DOJ, costing them more than $47 million in FCPA penalties and disgorgement. Because of differing levels of cooperation with enforcers, the third broker involved in the same scheme to win contracts was only subject to disgorgement and no criminal fines. This article explores the impacts of self-disclosure and cooperation, with insights from Joe Whitley, a partner at Womble Bond Dickinson; Thaddeus McBride, a partner at Bass, Berry & Sims; and Michael DeBernardis, a partner at Hughes Hubbard & Reed. See “Deputy Assistant AG Miller Discusses Robust DOJ Anti-Corruption Efforts, Stressing Individual Accountability, Self-Reporting, Remediation and Cooperation” (Mar. 1, 2023).

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