Wall Street bank earns top spot on FCPA Blog top ten list

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Goldman Sachs Group Inc. shattered our top ten list with a $3.3 billion FCPA settlement with the U.S. Department of Justice and Securities and Exchange Commission, sending it straight to number one.

In last week’s settlement, the DOJ imposed a $2.3 billion criminal penalty, and the SEC imposed a civil penalty of $400 million and disgorgement of $606.3 million.

The DOJ announced the Goldman Sachs settlement at a value of $2.9 billion. The FCPA Blog found no apparent basis for that value. A detailed methodology of how we calculate FCPA settlement amounts is here.

The DOJ said Goldman Sachs’ violations involved $1.6 billion in bribes. The SEC said beginning in 2012, “former senior employees of Goldman Sachs used a third-party intermediary to bribe high-ranking government officials in Malaysia and the Emirate of Abu Dhabi.”

Goldman Sachs replaces KBR as the only American company on the FCPA Blog’s top ten list. Goldman is the first American company to be in the top spot since the FCPA Blog started the top ten list. In 2010, KBR was number two, behind Siemens, and stayed on the list until last week.

Five FCPA settlements have now reached a billion dollars or more, and it takes at least $585 million to even appear in the current top ten.

Total FCPA penalties — since the Act’s inception in 1977 —  are now over $20 billion.

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Here are the ten biggest FCPA cases of all time based on penalties and disgorgement assessed in the U.S. enforcement documents:

  1. Goldman Sachs Group Inc. (United States): $3.3 billion in 2020
  2. Airbus SE (Netherlands/France): $2.09 billion in 2020.
  3. Petróleo Brasileiro S.A. – Petrobras (Brazil): $1.78 billion in 2018.
  4. Telefonaktiebolaget LM Ericsson (Sweden): $1.06 billion in 2019.
  5. Telia Company AB (Sweden): $1.01 billion in 2017.
  6. MTS (Russia): $850 million in 2019.
  7. Siemens (Germany): $800 million in 2008.
  8. VimpelCom (Netherlands): $795 million in 2016.
  9. Alstom (France): $772 million in 2014.
  10. Société Générale S.A. (France): $585 million in 2018.

Source: fcpablog.com

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