Brazil’s years-long Operation Car Wash investigation has shaken its political and economic foundations, but the recent guilty pleas of Odebrecht, a privately held Brazilian holding company, and Braskem, its wholly owned petrochemical subsidiary, have moved the country closer to a resolution. The companies settled with Brazilian, U.S. and Swiss authorities simultaneously, as discussed in the first article in this series. Brazil initiated the investigation and will receive the majority of the multibillion-dollar settlement. The case illustrates that anti-corruption enforcement is a global game and that the U.S. is not always the most valuable player. See “Embraer Global Settlement Presages a New Paradigm in International Enforcement and Next-Level Compliance” (Dec. 7, 2016).