The new policy on individual accountability announced by Deputy Attorney General Sally Q. Yates (the “Yates Memo”) represented a potential sea change in the way that companies approach rooting out problems that have potential criminal liability for themselves and their employees. With its very strict requirement that a company cannot receive cooperation credit unless the company “provide[s] all relevant facts relating to individuals responsible for misconduct … ”, companies now face a host of new challenges, which include:
- Protecting the attorney-client privilege while demonstrating full cooperation
- Gaining the cooperation of employees in internal investigations when such cooperation could subject the employee to criminal prosecution
- Future implications for joint or common interest defense agreements
Please join Mayer Brown lawyer Lori Lightfoot as she discusses the scope and nuances of the Yates Memo and some of the unanswered questions raised by this new policy and provides guidance for companies to navigate this new terrain.
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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.