Cos. In FIFA-Related Investigations Should Check Insurance
Law360, New York ( June 5, 2015, 10:19 AM EDT) -- Bribes of $40,000 stuffed in envelopes, a flight to Europe solely to retrieve a briefcase full of cash, and a $10 million payoff to secure votes for choosing the World Cup host country are among the allegations in the recent indictment against FIFA representatives and related business associates. The indictment contains charges of racketeering, wire fraud and money laundering arising out of alleged kickbacks and bribes that the defendants gave or received. The charging document includes allegations about the involvement, whether knowingly or unknowingly, of a variety of businesses, including athletic clothing companies, sports-marketing companies, banks and other financial companies. Likewise, a variety of corporate sponsors that collectively pay tens of millions of dollars to FIFA have issued statements regarding the allegations in the charges. Some of these companies are sure to be, if they have not already been, subject to informal and formal investigations and inquiries related to the indictment....
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