Paul Hastings assists Braskem with FCPA settlement
Paul Hastings has advised Brazilian petrochemicals company Braskem on the conclusion of its December 2016 Foreign Corrupt Practices Act (FCPA) settlement with the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC), which certified that Braskem’s anti-corruption program met the requirements of the settlement.
The DOJ further confirmed that the plea agreement was successfully concluded. Since the 2016 settlement, Paul Hastings has continued advising Braskem on its anti-corruption monitorship that has concluded with the certification from the DOJ and SEC.
In 2016, Braskem’s $957 million joint U.S. DOJ, SEC, Swiss, and Brazilian resolutions amounted to the third largest case in FCPA history at the time.
Combined with the simultaneous settlement between these authorities and Odebrecht (which amounted to around $3.5 billion), the FCPA settlement was one of the largest corruption resolutions in history.
Braskem is the largest petrochemicals company in Latin America.
The Paul Hastings team was led by partners Robert Luskin (pictured) and Jay Darden, and included partners Corinne Lammers and Sam Cooper, of counsel Neil Schumacher, and associates Josh Christensen, Joanne Joseph, Brian Wilmot, Lindsay Arrieta, Audrey Karman, Harry Morgan and Katherine Berris.
