Resolution of Grupo Aval FCPA investigations earns AmLaw “Litigator of the Week” shout out
A Davis Polk team led by partners Angela Burgess and Tatiana Martins received a shout out in AmLaw Litigation Daily’s “Litigator of the Week” column for securing for Grupo Aval and its majority-owned subsidiary Corficolombiana the resolution of FCPA investigations by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC).
The investigations concerned allegations of improper payments to public officials in connection with a project in Colombia carried out by a joint venture led by Brazilian construction conglomerate Odebrecht and in which Grupo Aval and Corficolombiana were minority participants.
Total penalties arising from the resolutions are approximately $60.6 million, after deducting credits for fines paid to authorities in Colombia in connection with the same underlying matter. The U.S. criminal penalty also reflects a 30% discount off the bottom of the applicable U.S. sentencing guidelines range as a result of the companies’ exemplary cooperation and remediation. The DOJ also concluded that no independent compliance monitor was warranted.
The Davis Polk team also included senior counsel Denis J. McInerney, counsel Jordan Leigh Smith, Nino Stamatovic and David B. Toscano and a team of associates.
“Another Stellar Batch of Litigator of the Week Runners-Up and Shout Outs,” AmLaw Litigation Daily (August 18, 2023) (subscription required)