Three participants in a highly competitive BNY Mellon internship program received their jobs differently from the rest, according to the SEC. In the first FCPA settlement related to the hiring practices of financial institutions, the bank has agreed to pay $14.8 million dollars to resolve the SEC’s allegations that it hired relatives of foreign government officials affiliated with a Middle East sovereign wealth fund in exchange for contracts to manage and service the assets of the fund. The case represents a collision of two separate investigations targeting financial institutions and their relationships with foreign government officials. See also “Mayer Brown Attorneys Discuss Global Corruption Risk in the Financial Services Industry
,” in this issue.