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Ericsson to Pay Nokia USD 97.2M in FCPA Violation Claim

By Brad Fulton

Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week Ericsson is ordered to pay USD 97.2M to Nokia in an FCPA violation corruption damages claim. Read the full story and more news below:

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Ericsson to Pay Nokia USD 97.2M in FCPA Violation Corruption Damages Claim

Ericsson AB will pay Nokia Corp. USD 97.2M to settle damages claims stemming from allegations that it violated the U.S. Foreign Corrupt Practices Act (FCPA). The company previously settled FCPA violation charges by the Justice Department for allegations of corruption in China, Djibouti, Indonesia, Kuwait, Saudi Arabia, and Vietnam. Prior allegations include criminal charges of books and record-keeping, as well as bribery in at least 3 of the named countries.


Colonial Pipeline Indicative of Increase in Ransomware Attacks

A ransomware attack that took offline an essential U.S. gasoline pipeline is indicative of increasing larger-scale ransomware attacks. In these attacks, nefarious parties can hack computer systems, taking control of data and operations until a ransom is paid, often in untraceable cryptocurrency. This makes it difficult for security officials to trace. The Biden administration officials cite the attacks as the most serious security threat to the U.S. and indicate the problem is likely to get worse.

JPMorgan to Turn Over Compliance Records in Nigerian Oil Case

The UK high court has ordered JPMorgan Chase to turn over compliance records relating to a transfer of USD 875M by Shell and ENI to a corrupt, former energy minister of Nigeria. JP Morgan is accused of enabling the misappropriation of funds by the Nigerian government and ignoring warning signs of corruption. In a previous statement, JP Morgan stated that they had “no responsibility” to look further into the payment instructions and had no reason to doubt that the requests were improper.


SEC Awards USD 25.6M to Three Whistleblowers

The U.S. Securities and Exchange Commission (SEC) has awarded a combined USD 25.6M to three whistleblowers who reported tips leading to enforcement action. The first whistleblower received USD 3.6M for reporting violations leading to enforcement by the SEC. The other two whistleblowers received USD 18M and USD 4M, respectively, for submitting information that brought the case to light, as well as further substantiated the wrongdoing. The SEC has awarded approximately USD 838M to 156 individuals since issuing its first award in 2012.

Boris Johnson Under Investigation After Luxury Vacation

A U.K. parliamentary ethics commissioner opened an investigation relating to a Caribbean vacation the Prime Minister took with his wife in 2019. Johnson, along with 9 other parliamentary lawmakers, are accused of receiving “in kind” accommodations from millionaire businessman David Ross without proper disclosure. Parliamentary code states that lawmakers must be open and frank in disclosing relevant interests.

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