In a rare opinion interpreting the statute of limitations for Foreign Corrupt Practices Act claims, a federal judge in Houston has dismissed, at least for the time being, allegations that two managers of the offshore oil drilling company Noble Corp. bribed Nigerian officials.
U.S. District Judge Keith Ellison ruled Tuesday that the “vast majority” of the Securities and Exchange Commission’s claims against the two executives, Mark Jackson and James Ruehlen, are barred by the FCPA’s five-year statute of limitations. Ellison gave the SEC leave to amend, so the agency may yet get around its statute of limitations problem.
