The U.S. Department of Justice and the U.S. Securities Exchange Commission, among other regulators, have long worked to persuade corporate America that cooperation with their investigations is critical to achieving a favorable result. Although many have questioned the precise efficacy of cooperation, in the current environment few, if any, corporate defense lawyers would lightly consider whether and to what extent cooperation makes sense for their clients subject to government inquiry.
The cooperation drumbeat only intensified in 2015 after the publication of the Yates Memo, in which Deputy Attorney General Sally Quinlan Yates outlined the government’s views on individual accountability in civil and criminal corporate enforcement matters. For its part, the SEC had already made similar pronouncements in connection with its “Cooperation Program,” which provides a formal framework (including cooperation agreements, deferred prosecution agreements, and non-prosecution agreements) to incentivize individuals and companies to come forward and participate in the agency’s investigation.
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