Attorneys React To SEC’s FCPA Action Against Goodyear
February 24, 2015
Types : In the News
Law360, New York (February 24, 2015, 7:13 PM ET) — Goodyear Tire & Rubber Co. has reached a $16 million settlement with the U.S. Securities and Exchange Commission over allegations its subsidiaries violated the Foreign Corrupt Practices Act. Here, attorneys discuss the significance of the enforcement action.
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Lathrop Nelson, Montgomery McCracken Walker & Rhoads LLP
“Goodyear’s self-reporting and cooperation appear to have staved off criminal prosecution and fines, particularly compared with other recent notable FCPA actions against Avon Products and Alcoa. It also serves as a reminder of continued vigilance in FCPA compliance. Goodyear learned of the bribery through its ethics hotline and took immediate steps to cooperate. But even then, the SEC still challenged the company’s FCPA controls. This action may serve as an additional wake-up call for companies to make sure they have effective and workable FCPA compliance programs to prevent such conduct.”
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