1 Yates Memorandum, Department of Justice, September 9, 2015, available at http://www.justice.gov/dag/file/769036/download. 2 “Acting Deputy Attorney General Sally Quillian Yates Delivers Remarks at New York University School of Law Announcing New Policy on Individual Liability in Matters of Corporate Wrongdoing,” September 10, 2015 (“Yates Announcement”), available at http://www.justice.gov/opa/speech/deputy-attorney-general-sally-quillian-yates-deliversremarks-new-york-university-school. 3 Yates Memorandum at 2. 4 For example, in September 2014, then-Attorney General Eric Holder explained the need to hold the “flesh-and-blood human beings” responsible for criminal conduct—not their corporate employers and innocent corporate shareholders. “Attorney General Holder Remarks on Financial Fraud Prosecutions at NYU School of Law,” September 17, 2014, available at http://www.justice.gov/opa/speech/attorney-general-holder-remarks-financial-fraud-prosecutions-nyuschool-law. 5 Yates Memorandum at 3-6. 6 Id. at 3. 7 Yates Announcement. 8 Yates Memorandum at 4. 9 Yates Announcement. 10 Id. Paul Hastings LLP Stay Current is published solely for the interests of friends and clients of Paul Hastings LLP and should in no way be relied upon or construed as legal advice. The views expressed in this publication reflect those of the authors and not necessarily the views of Paul Hastings. For specific information on recent developments or particular factual situations, the opinion of legal counsel should be sought.

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