Former Siemens Executive Obtains Dismissal of SEC Complaint

Skadden scored a decisive victory for Herbert Steffen, former Siemens AG executive, in an action brought by the SEC claiming that Steffen and six other former Siemens executives violated the Foreign Corrupt Practices Act with their alleged involvement in a scheme to bribe Argentine government officials in connection with a $1 billion contract to make national identity cards in Argentina. On February 19, Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York granted Steffen's motion to dismiss all SEC claims against him for lack of personal jurisdiction.