The Department of Justice-Criminal Division recently updated its internal guidance to federal prosecutors for evaluating corporate compliance programs. Despite the lack of major substantive changes, the updated guidance encourages prosecutors to take the risk profile of corporations into account when evaluating its compliance programs.
Recently, I (along with colleagues at other law schools) asked that an “examiner” be appointed in the Purdue Pharma chapter 11 bankruptcy case, pending in the Southern District of New York. Although the Bankruptcy Court has not yet acted on that request (technically, it was in the form of a letter to the United States
What is the purpose of a corporation? Today, the standard answer is that a corporation’s purpose is to benefit its shareholders – academics speak of the “shareholder primacy norm,” and many talk of corporate managers’ task as “shareholder wealth maximization.” Even apparently selfless corporate acts, such as charitable donations, are justified as ultimately benefiting shareholders