Deferred Prosecution Agreements and Directors Liability

Natalie Turney

Document

1000

Page 315

Index

Note: Page numbers in bold indicate tables
ABC policy see Side A coverage; Side B coverage; Side C coverage
advancement of defence costs 47, 48, 246–248, 257, 273, 275, 279, 281; access to 286; allocation of defence costs as precondition to 240–242; to the company 279–282; by Conduct exclusion clause, admission 227–230; by Conduct exclusion clause, final adjudication or judgment 230–232; contractual requirement to 275–277; in duty to defend 221–222, 308; in duty to indemnify 222–224; good faith during 235–238; during internal investigation 233–234; larger settlement rule 242; pre-policy nondisclosure 234–235; provisions 224–226; refusal of 224–235; right of recoupment 238–240; during self-investigation 226; by Severability clause 232–233
Airbus SE 7–8, 16–17, 82, 169, 244, 301; action taken against individual(s) 153–155, 157–158; offences 173
Airline Services Ltd 19; action taken against individual(s) 34; offences 143
allocation of defence costs 243, 309; advancement provision 224; Reasonably Related Defence Costs Test in 240–241
“all-or-nothing” approach 56, 57, 73
Amec Foster Wheeler Limited 19–21, 301–302; action taken against individual(s) 36; amending statement of facts 153–157; anonymising statement of facts and judgment 139, 142; offences 173
anonymisation 20, 121, 132–142, 146, 153, 157, 169, 227, 300–303; de-anonymised judgment 22, 36, 140–142, 145, 157, 302; individual identities 58, 136; order 22, 140, 145, 156; re-anonymised 22, 141; statement of facts 20, 36, 124, 132–142, 228
anonymity 20, 135, 162, 302; within documentation 157; in drafting 137, 146; of individuals 303; level of 145; tools 126
Arthur Andersen LLP 26–27
assisting offender: cooperation agreements as 159–162; immunity notice 163–165; reduction in sentence 165–169; restricted by Companies Act 2006 169–171; restricted use undertaking 162–163
attribution 184, 304; of director 287; of liability 118; principles 229, 262, 311; restrictive method of 118
Beazley difference-in-conditions (DIC) policy 230, 246–248, 249, 282, 309, 310
“big five” accounting firm 26
blanket notifications 191–192, 193, 194, 269, 276–277, 282–283, 305
Bluu Solutions Limited 21–22; action taken against individual(s) 33, 36; amending statement of facts 156–157; anonymising statement of facts and judgment 140, 142, 301–302; de-anonymised judgment 303; joint DPAs 245; offences 142, 144–145, 165, 173
breach of duty 45, 46, 97–98, 170, 180, 184; claims for 95, 204–207, 306; directors’ 47, 84, 89, 91–93, 102, 109, 117, 196, 204–207, 218, 226, 299; of disclosure or failure 200; of fair presentation 182, 185, 304; fiduciary duty 94, 87; of utmost good faith 182, 236
breach of trust 45, 46, 94, 95, 170, 208
breach proceedings 97, 155–156, 270, 313; threat of 286; United Kingdom 7–8; United States 7–8
Brooklyn Plan 54
business decision 81, 83, 89, 297
Checkpoint programme (United Kingdom) 66–67
circumstance investigation costs 282, 283, 313
civil claims/proceedings 45–47, 82, 98, 117, 120–123, 155, 204, 250, 264, 313; adverse judgment in 227, 230, 308; for breach of directors’ duties 204–206, 306; Claim definition 188; consequences of 242, 249; defence costs in 206–207, 105; hearsay evidence in 122, 300; within jurisdiction 169; open 196; opportunity to ‘vindicate his reputation’ in 130; and policy composition 290–291; securities-related 290; third-party 46, 83, 86, 122, 284
civil liability 87, 226, 236, 290–291; individual DPAs based on 62; self-report to prosecutors to 82; United States 53, 61–62, 295
Claim definition 188, 260, 265, 285, 290; criminal proceedings within 211, 213, 281, 306; investigations within 191, 233–234, 250, 267, 271–284, 312–313; Related Claim definition 249–250
Claims cooperation (Cooperation) clause 195, 196, 276–278, 282, 305, 312–313
Claims made policy 44–45, 185, 305, 310; notification of Claim under 188–189; notification requirement under 197–198
Competition and Markets Authority (CMA) 167
Conduct exclusion clause 45–47, 49, 209–210, 212, 261, 285, 289, 312; admission 197, 206, 215–216, 227–230, 245, 273–274, 280, 282, 286, 306–308, 312; DIC policy 246–247; final adjudication or judgment 49, 215–216, 223–225, 230–232, 234, 269–271, 306, 308; internal investigation 233–234, 280
confidentiality 123, 151, 191, 194; breaching 192; club 105, 120, 300; DPA negotiations 86, 117, 120, 194, 273, 300; loss of 196; notification 192–197; obligations 116, 120, 274; pre-negotiation confidentiality undertaking 5, 24, 100, 103, 105, 194, 268, 274–278, 282, 298, 305, 312; reasonable expectation of 105; requirements 233, 274; restrictions 193, 274; written 279
conflicts of interest 76, 78, 88–90, 94, 170–171
contemporaneous advancement principle 223, 290, 308
Contract exclusion clause 46, 210, 216, 278, 285–286, 307, 313
contract of insurance 38, 177, 180–184, 187, 194, 200, 236–238, 304
convention judiciaire d’intérêt public (CJIP) 121
corporate criminal liability 7, 27, 118–119; flawed standards 263
corporate DPAs 137, 204, 233, 295, 300, 304, 309; advancement of defence costs 234; allocation of defence costs 240–241; benefits of 164; colossal costs involved in 243; duty to self-report 109; on individuals 25–26; named individuals 142, 154; protection from prosecution 161–162, 171–173; on related individuals 313; severability clause 232–233; unenforceable 31; United Kingdom 25–36, 65, 67, 74, 207–208; United States 25–27, 29–31, 53, 56, 59, 62
corruption 11, 12–13, 16–17, 96; alleged 111; with death penalty 111, 166; substantial international 166
Crime and Courts Act 2013 (CACA 2013) 4, 63, 151, 155, 295, 303; breach proceedings 7; challenge 7; civil proceedings 120; condition of (avoidance of) breach 301; coverage under Side C 263–265, 269, 274, 285–286; documentation 10; DPA Code 5; exclusion of DPAs for individuals 27; individual DPAs 32; individual offenders, exclusion of 64; notice of discontinuance 9; preliminary hearing 6; pretrial diversion programmes 66; prosecutor's publication of documentation 113; self-reporting 71; variation of DPA terms 8
criminal liability 7, 61, 87, 108, 151–152, 210, 264, 286; breach of duty 170; D&O policy and 212; insolvency practitioners 95; minimal exposure to 29, 236; in overseas jurisdictions 82; United Kingdom 47–48; United States 53–60, 61, 295; see also corporate criminal liability
criminal offence 3, 9, 163, 287; charged with 255, 275; detection or prosecution of 210–216, 307; director convicted of 207–210, 306; directors’ 118; low-level 54; suspected 95n178
criminal proceedings 12, 24, 45–47, 87, 105–106, 108, 112, 119, 188, 207, 226, 230, 265, 275; against Barclays PLC 85; Claim definition 211, 213, 281, 306; completion of 141; contemplated 116; defence costs in 208, 246–247, 259, 287, 312; against directors 152; inclusive of 267; indemnification for 175; individuals 64, 85, 113, 137, 162, 229, 299; interpretation of 267–268; mitigation in 81; open court 148; overseas 103, 117, 306; reinstatement of 271; Related Claims clause 249; resuming 269–270; self-report in 272, 280; SFO related 86; use of DPA material in 120
criminal prosecution 98–118, 202, 3, 56, 87; director’s 119; individuals 125; for offences 169
Crown Prosecution Service (CPS) DPA 3, 5, 32, 151, 154, 265; Entain plc 24, 163; leniency written notice/agreement 159; Skansen Interiors Ltd 23–24
D&O insurance 26, 199–200; advancement of defence costs 221–242; Claim definition see Claim definition; Claims made
Conduct exclusion clause see Conduct exclusion clause; confidentiality 194; Contract exclusion clause see Contract exclusion clause; coverage
directors’ coverage 304–310; European 177; history of 41–44; indemnification 204–220; knowledge of insured 182–185; Loss definition 40, 44–45, 186–187, 204–212, 213–214, 223–224, 247, 260, 285, 290, 305, 307; market response to DPAs 47–50; nature of 42, 44–47; notification of Circumstances 45, 189–192; notification of Claims 188–189, 197–199; origin of 42; policy construction 182–185; precontractual obligations 177–187; preservation of directors’ protection 243–250; Related Claims clause see Related Claims clause; securities-related claims 44, 45; self-report see self-reporting; severability 199–203; in US 42, 43–44
data protection 124, 150–151, 301
Davis, Justice William 16, 36, 139
de-anonymised judgment 22, 36, 140–142, 145, 157, 302
defamation 301; claims 130, 148–149; defined 149
derivative action see derivative claim
derivative claim 95, 205–206, 306
directors’ duties 51, 83, 90, 108, 157, 312; acquiring and maintaining sufficient knowledge 92–93; acting within powers 77; avoiding conflicts of interest 76, 78, 88–90, 94, 170–171; breach of duty see breach of duty; under Companies Act 2006 76–79; cooperating with insurer 276; declaring interest in proposed transaction/arrangement 78–79; duty to act as member 298; duty to company to act in way 79–87; duty to defend policy see duty to defend policy; duty to indemnify
exercising powers “only” for purpose 90–92; exercising reasonable care, skill, and diligence 77; fiduciary duty 80; informing prospective insurer 190; liability 93–96; notifying insurer 190; notifying regulators 80, 83; promoting success of company 77, 80, 298
DPA negotiations 24, 79, 97–101, 109, 148, 160, 263–264, 283, 298; advancement of defence costs 275–277; completion of 268; confidentiality 86, 117, 120, 194, 273, 300; defence costs 230, 281–283; desirability of entering 80–81, 86–87, 103, 105; directors involvement in 69; director with knowledge of 305–306; disclosure of fact of 268, 274–278, 312–313; documentation from third parties during 120; duty to indemnify policy 275–276; failed 299; indemnification obligations during 259; information by company during 151; invitation to enter 272, 273–274; joint privilege during 102; other evidence during 114, 117, 123, 300; pre-negotiation and negotiation period 5–6; pre-negotiation confidentiality undertaking 5, 24, 100, 103, 105, 194, 268, 274–278, 282, 298, 305, 312; principle of open justice 136; privilege against self-incrimination during 110; -related activities 68; self-reporting for 93, 296; statement of facts, drafting of 228–229, 278–279, 282–283; successful 263; wrongdoing individuals in 74
duty of fair presentation 190, 193; breach of 182, 185, 304; disclosure obligations within 183, 192, 194, 304, 305; of risk 177–180, 181
duty to defend policy 197, 217–218, 240, 275, 308; construction of 221–222; defence costs in 238–239, 309; disputes in 195; legal representation appointed in 196
duty to indemnify policy 196–197, 217, 221, 306, 308–309, 313; advancement of defence costs in 239–240, 279–280, 308–309, 313; construction of 222–226; DPA negotiations 275–276; rights of subrogation 217
E&O insurance 41
Entain plc 24; action taken against individual(s) 173
Equality Impact Assessment 32
European Court of Human Rights (ECtHR) 127–128, 132–134, 145, 147, 300–301
European D&O 43n38
Financial Conduct Authority (FCA) 14, 24, 80, 83, 86, 130–131, 281
financial penalty 205, 285, 18, 72–73; indemnification of 312; payment of 10, 15
Financial Services Authority (FSA) see Financial Conduct Authority
G4S Care & Justice Services UK 17–19, 112–113; action taken against individual(s) 173
Garnier, Lord Edward 29
good faith 57, 77, 79–80, 84, 179, 185, 221, 276–277, 297–298, 309; during advancement of defence costs 235–238; breach of duty and 87; encouraging 181, 186; general interpretative principle 181, 235, 236; identifying those substantially involved and reported information 57, 40, 193, 195, 307; rights of subrogation 216, 218; right to withhold consent 196, 208; see also utmost good faith
Great Fire of London (1666) 38
Güralp Systems Ltd 15–16; action taken against individual(s) 36; anonymising statement of facts and judgment 139; naming in documentation 125, 139; offences 172
hearing 301; in camera 134; final (open) 6, 7, 100–112–113, 134–137, 148–149, 152, 267, 270, 277; plea 125, 139; preliminary 6–7, 10, 134–137, 148, 267–268; right to fair 137; United Kingdom 6–7; United States 125
hearsay evidence 120; admissible 112, 114, 119, 123, 300; in civil proceedings 122, 300; defined 300; statement of facts as 115, 119, 300
Holder Memorandum (1999) 56, 255
identification principle 3–4; breach of 31; establishing of 31, 115; offence 32, 36, 84, 118–119, 142–145, 157, 228, 311; suspected offence based 84
illegality doctrine 287, 288n180; see maxim ex turpi causa non oritur actio
immunity notice 30, 163–165, 170, 216
Increase of risk clause 179, 193
indemnification 39, 41, 48, 182, 243, 247, 266; ability to obtain 206; for civil claims 175; of company for costs 269–271; Contract exclusion clause 285–286; corporate 206, 254, 259, 271, 311–312; coverage under Side B 253–254, 258–262, 304, 311; coverage under Side C 266, 269–272, 284–289; for covered loss 218; for criminal proceedings 46, 175; for defence costs 211–215, 225, 239, 230; for directors and officers 43; for financial penalties 285, 312; for internal investigations 272; obligations 43, 251, 259–260, 266, 304, 311–312; public policy for 230, 262, 287–288; refusal of 229
indemnity insurance contracts: in fourteenth century 39, 41–42, 41n26, 43n38
Independent Press Standards Organisation (IPSO) 138
individual DPAs 64–65; action against individuals 33–37; based on civil liability 62; consideration of 26–30; Securities and Exchange Commission using 62, 295; targeting individuals 30–33; third-party individuals 33; United Kingdom 26–30, 62, 63–65, 245, 295; United States 26–30, 59, 62
individual liability 84
individuals, naming 33; anonymity, level of 145–146; guidance on 124; offences, types of 142–145; risk of prejudice in 124–125; statement of facts and judgment, anonymising 132–145
insider information 5–6; defined 24, 274
Insured vs Insured exclusion clause 206–207, 221, 242, 306
Insuring Agreement A see Side A coverage
Insuring Agreement B see Side B coverage
Insuring Agreement C see Side C coverage
internal investigation 12, 19, 23, 92–93, 99, 101–102, 177, 248, 297; advancement of defence costs during 233–234; Conduct exclusion clause 233–234, 280; costs 283; disclosure of 116; indemnification 272; report 72, 114; as scoping measure 83–84; self-reporting and 233–234
Interrelated Wrongful Acts 46, 200–203, 266, 306
jigsaw identification 301–302; anonymity and 157; measures to avoid 146; occurrence of 146; realities of 131; risk of 145, 161–162, 228
joint DPAs 30, 59, 65, 171, 242, 245–246
joint privilege 101–102, 103, 196, 298
larger settlement rule 242, 250n44
legal advice privilege 98, 116
legal professional privilege (LPP) 102–103, 110–111, 160, 298, 305; access to defence 98–101; during criminal investigation 195; law on 117; waiver of 104, 160, 196, 216
leniency: justice to pursue 164; measures 29–30, 51, 297, 298; opportunity to pursue 162; policy 69, 74–75; provisions 161–162, 167, 170–171, 297; written notice/agreement 159–161, 307
Leveson, Sir Brian 11, 12, 13, 30, 69–70, 137–139, 152, 154–155, 172
limit of indemnity 46, 214, 241, 250, 304, 309; aggregate 240, 245, 246, 248, 283, 290, 313; companies 311, 313; defence costs within 240; directors 304, 309; preservation of 243–250; shared 311; Side A coverage 290–291; Side B coverage 290–291; Side C coverage 44, 246, 290–291
litigation privilege 98, 116
Lloyd, Edward 38–39, 42
Loss definition 45, 211, 213, 214, 285, 307
marine insurance: first 38; law 40–41; in United Kingdom 38, 40–41
Marine Insurance Act of 1906 (MIA 1906) 41, 178–179, 180–181, 182, 235
Marshall, Simon 244, 246
maxim ex turpi causa non oritur actio 206, 209, 230, 246, 261–262, 269, 271, 287, 306, 311–312
McNulty Memorandum (2006) 56, 258
Ministry of Justice (MoJ) 3, 4
Mitigation Costs 269, 283, 284
Monaco Memorandum (2021, 2022) 57–58, 60, 74
naming in documentation: amendment of 301; of convicted individual 144–145; Güralp Systems Ltd 125, 139; implicated individuals 302; of individuals see individuals, naming; interests to avoid 311; Sarclad Limited 125; statute and guidance of 124–125, 226; of unindicted co-conspirators see unindicted co-conspirators, naming; United Kingdom 128–132; United States 125–127, 300; unjustifiable approach to 303; see also anonymisation
New Lloyd’s 39
nondisclosure and misrepresentation 193, 225, 236, 238–239, 279, 289, 309; fraudulent 135; impact of 187, 304–305; of one co-insured 184; pre-policy 234–235; refuse advancement on 222–223
non-duty to defend policies 221, 222n9, 275n84
non-indemnity insurance 39n11
notice of discontinuance 9, 230; publication of 140–141, 302; for terminating DPA 230, 269n39
notification: blanket 191–192, 193, 194, 269, 276–277, 282–283, 305; of Circumstances 45, 189–192, 195, 233, 272, 276–277, 283, 305; of Claim 189, 195, 271, 305; of investigation 18, 80, 179, 193, 195, 196, 233, 276, 305; requirement 197–198, 273–274; self-report 83–84
OECD Working Group on Bribery 28
open justice principle 127, 133–136, 149–150, 152, 154, 301
Order/Priority of Payments clause 243, 245, 310
Osofsky, Lisa 162, 168
“other evidence” 114–115, 119–120, 192, 300
personal financial protection insurance 42, 43
plea agreement 33, 110, 125, 166, 256–257
precontractual obligations 177–187
pre-investigation costs 283
pre-negotiation confidentiality undertaking 5, 24, 100, 103, 105, 194, 268, 274–278, 282, 298, 305, 312
pre-policy nondisclosure 234
pretrial diversion program (PDP): categories 53–54; deferred prosecution 54–55; national standards for 55; United Kingdom 66–67, 296; United States 53–55, 66–67, 295
Prior Claims and Circumstances exclusion 185–187, 201–202, 305
private information, misuse of 129–130, 133, 135–136, 146, 147–148, 300–301
privilege against self-incrimination 106–107, 255, 297; defined 103–104; in legal proceedings and investigations 105; in personal proceedings 299; powers 108–110; through real evidence exception 196; right to fair trial and 103, 104; self-report 108–110, 280; Sweett Group PLC 110–111
protection from prosecution 51, 62, 172–173, 295; Airbus SE 173; Amec Foster Wheeler Limited 173; Bluu Solutions Limited 165, 173; Entain plc 173; G4S Care & Justice Services UK 173; Güralp Systems Ltd 172; Rolls-Royce Plc 172; Sarclad Limited 172; Standard Bank Plc 171–173; Tesco Stores Ltd 172; Tetris Projects 165, 173; see also assisting offender
public policy 41, 132, 204, 207, 209, 306; for indemnification 230, 262, 287–288; reasons 235, 285
reasonable expectation of privacy 130, 133, 147–148, 300–301
Reasonably Related Defence Costs Test 240–241
recoupment of defence costs 213, 222–224, 233, 285, 289–290, 313; advancement of defence costs 238–240, 279, 309; demand for 229, 308; of sums paid 279, 281; United Kingdom 239
reduction in sentence 159, 161, 165–168; alternative of 297; in multijurisdictional investigations 168–169
Related Claims clause 46, 200–203, 261, 268, 273, 281, 283, 306, 313; breach proceedings 270; danger of 249–250
restricted use undertaking 162–163
restrictive method of attribution see identification principle
Retroactive clause 201–202, 266–267, 312
right to defence 258; access to defence 98–101; civil proceedings 120–123; company's ability to obtain DPA 101–102; DPA approved materials, use of 112–117; DPA not approved materials, use of 117; individuals 28, 298; individual's waiver of documentation, obstructing 103; statement of facts 118–119; see also legal professional privilege; see also privilege against self-incrimination
right to fair trial 14, 17, 132–133, 136, 155, 258, 299, 301; abuse of 104–105; distinct notion from 150; employees 256; privilege against self-incrimination 103, 104; safeguard to protect 146; scope of 250n43
Rolls-Royce Plc 12–13, 48, 266; action taken against individual(s) 139; offences 172; self-report 72; targeting individuals 30
Sarclad Limited 12, 84, 116, 302; action taken against individual(s) 138; claim of privilege 99; naming in documentation 125; offences 70–71; protection from prosecution 172; self-reporting 12
scapegoatism 28
Scotland 4–5n14
securities-related claims 44, 45, 264–266, 271
self-disclosure 10; see also self-reporting
self-insured retention 46, 200
self-reporting 5, 10, 25, 80, 101–102, 108–109, 177, 254, 296; Airline Services Ltd 19; Barclays 86–87; Barclays context 85–87; in best interests 108–109; Bluu Solutions 21; business decision 81, 83, 89, 297; civil liability 82; corporate 51, 69, 71–75, 73, 114, 233–234, 308; criminal investigation and 272–273; in criminal proceedings 272, 280; decision to 298; discretion in 90; example of 185; incentivisation to 3–4, 72; incomplete 81, 83, 89, 297; incriminating 64; individual liability and 84; internal investigation and 233–234; legal advice as to 92–93; major disincentive to 74; notification 84; pre-DPA investigation and 280, 283; risk exposure of 83–84; Rolls-Royce Plc 12, 172; Sarclad Ltd 12; Section 172 79–87; self-incriminating 60; SMEs 264; Sweett Group PLC 110; totality of 72; United Kingdom 74; United States 73–74; voluntariness of 72
Self-Report Investigations 272, 283
senior managers 118, 3–4n5
Serco Geografix Ltd 15, 17, 215, 246, 296; action taken against individual(s) 36, 37; offences 143
Serious Fraud Office (SFO) agreements 1, 5; see also specific agreements
severability 50, 246, 248, 250, 291, 311, 313; Interrelated Wrongful Acts and Related Claims 200–203; policy construction 199–200; Severability in exclusions clause 199, 232, 261, 306; Severability of Application clause 184, 186, 232, 304
Side A coverage 43–45, 183, 185, 201, 204, 220, 259; company 311–313; devaluation of 248; difference-in-conditions policy 230, 246–248, 249, 282, 309, 310; directors 304–307, 309–310; directors’ protection 243–245; in DPA-related scenario 200; former directors 191, 249; individuals insured under 289–291; insured vs insured exclusion 206; limit of indemnity 290–291; policy structure 260–261; risk of depreciation 241
Side B coverage 43, 45, 182, 201, 243; company 311–313; directors 304; in DPA-related circumstances 253–260; ex turpi causa non oritur actio 261–262; indemnification 253–254, 258–262, 304, 311; investigation costs 271; limit of indemnity 290–291; policy structure 260–261
Side C coverage 43–45, 182, 184, 200–201, 217, 220, 243, 261; admission by company director 229; Claim definition 271; company 311–313; directors 304, 307, 309; in DPA-related circumstances 263–264; indemnification 266, 269–272, 284–289; insured entity under 233, 241; insured vs insured exclusion 206; limit of indemnity 246, 290–291; securities-related claims 264–266; Side A DIC coverage 246–247
Society of Lloyd’s 39
Standard Bank Plc 10–11, 30, 125; action taken against individual(s) 33, 36; anonymising statement of facts and judgment 138, 139; non-convicted directors in 33–34; offences 171–173; statement of facts 227n50
statement of facts: Airbus SE 153–154, 157–158; Amec Foster Wheeler Limited 139, 142, 153–157; amending 151–158; anonymisation 20, 36, 124, 132–145, 228; Bluu Solutions Limited 140, 142, 156–157, 301–302; Conduct exclusion, admission 227–230; Conduct exclusion, final adjudication or judgment 230–232; Güralp Systems Ltd 139; as hearsay evidence 115, 119, 300; imputed to director 118–119; insured to disclose, failure of 234–235; internal investigation and self-report 233–234; policy construction and severability 232–233; Rolls-Royce Plc 139; Sarclad Limited 138; Standard Bank Plc 138, 139, 69, 138, 152, 154–155, 142, 156–157, 301–302; use of 227–235
strict liability offences 46, 127, 142, 144, 288–289
subrogation rights 216–220, 289–290, 307, 313
Sweett Group PLC 110–111
Tesco Stores Ltd 14, 105, 115, 120, 202, 226, 241, 296, 309; action taken against individual(s) 33, 36; amending statement of facts 69, 152, 154–155, 138; naming in documentation 125; non-convicted directors in 33; offences 172
Tetris Projects Limited 21–22; action taken against individual(s) 33, 36; amending statement of facts 156–157, 302; anonymising statement of facts and judgment 142, 301–302; de-anonymised judgment 140, 303; joint DPAs 245; offences 142, 144–145, 165, 173
Thompson Memorandum (2003) 54, 56, 255–256
Turning-Point project (Birmingham) 67n101
UK–EU withdrawal agreement 65
underwriters, defined 39
unindicted co-conspirators, naming 136–137, 151, 158; in court judgment 127–128; in factual resume 125, 139; in grand jury indictment 125, 126; identification within pre-trial documentation 126; in public criminal trials 135; statement of facts and judgment 150; third parties 133; United Kingdom 128–132; United States 125–127, 300
Uni-Pixel Inc 61
United Kingdom DPAs 63–65, 97, 124–125, 159, 207–208, 210, 217, 312–313; action against individuals 33–37; allocation of defence costs 242; breach, challenge, and variation 7–8; breach of duty, claims for 95; cases 10–22; Checkpoint programme 66–67; civil proceedings 121; company's ability to obtain 102; consideration of individuals DPAs 26–30; corporate DPAs 25–36, 65, 67, 74, 207–208; criminal liability 47–48; Crown Prosecution Service see Crown Prosecution Service; data protection 150; for directors 295–297, 300, 303; documentation 9–10; DPA Code 5; duty to defend 222; final adjudication or judgment 231–232; final hearing 7; financial crisis 27; history of 3–4; identification principle offences 145; immunity 165; individual DPAs 26–30, 62, 63–65, 245, 295; individual liability 84; insurance in 38, 177–178, 237 see also D&O insurance; judgments 70; naming in documentation 128–132; negotiation period 5–6; notice of discontinuance 9, 142–144; operating framework 5; post-contractual breach of duty 236; preliminary hearing 6–7; pre-negotiation period 5–6; preservation of limit of indemnity 243–244; pretrial diversion programme 66–67, 296; privilege against self-incrimination 103; process 5–9; reduction in sentence 166, 168–169; related claims 96; right of recoupment 239; self-reporting 74, 82, 84; Side B coverage 253, 259; statement of facts and judgment 132, 136, 139; targeting individuals 30–33; United States vs. 4n8; see also specific agreements
United States DPAs 145, 255, 312; action against individuals 33–37; Boeing 8, 7–8; civil liability 53, 61–62, 295; civil proceedings 121–122; cooperators, use of 162; corporate DPAs 25–27, 29–31, 53, 56, 59, 62; corruption investigations 166; criminal Information 54; criminal liability 53–60; D&O insurance in 42, 43–44, 47 see also D&O insurance; for directors 295–296, 300, 303; individuals DPAs 26–30, 59, 62; model 3–4; naming in documentation 125–127, 139, 300; pretrial diversion program 53–55, 66–67, 295; privilege against self-incrimination 110; reduction in sentence 168–169; self-reporting 73–74, 82, 86; targeting individuals 30–33; United Kingdom vs. 4n8
US Justice Manual (US Attorney's Manual) 58
US Securities and Exchange Commission (SEC) 53, 61–62, 290, 295
utmost good faith 180–182, 223, 235; breach of duty 182, 236; consequence of 237; obligation of 181, 234
waiver of privilege 13, 86, 102, 103
Woods, Nicholas 244, 246
Wrongful Act 44, 45, 46
Yates Memorandum (2015) 56–58, 60, 73
Yu Kai Yuan 61–62

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Deferred Prosecution Agreements and Directors Liability

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Page 315 Index

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Index