Siemens Agrees to Record-Setting $800 Million in FCPA Penalties

Siemens Agrees to Record-Setting $800 Million in FCPA Penalties

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Named an “FCPA Powerhouse” and “Practice Group of the Year,” we have been involved in some of the most notable public and non-public cases and key developments related to FCPA and anti-corruption issues.
On December 15, 2008, Siemens AG, Europe's largest engineering conglomerate and the largest electronics company in the world, settled a wide-ranging Foreign Corrupt Practices Act (FCPA) investigation resulting in combined penalties of $800 million to the United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC). Together with various penalties imposed in Germany, Siemens' penalties are $1.6 billion. The US penalties are by far the largest monetary sanction ever imposed in an FCPA case, dwarfing the prior record of $44 million paid by Baker Hughes. The company and three subsidiaries that pleaded guilty to criminal charges also agreed to retain an independent compliance monitor for a term of four years. For more on the Siemens settlement, see our recent Email Alert.

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