Akin Gump Strauss Hauer & Feld helped to trigger a worldwide criminal probe back in 2008 when it accused the world’s leading producer of raw aluminum materials, Pittsburgh-based Alcoa Inc., of racketeering and fraud. On Tuesday, the firm beat prosecutors to the punch yet again, wresting a long-awaited settlement from Alcoa on behalf of client Aluminium Bahrain BSC.
Alcoa announced on Tuesday that it would pay Aluminium Bahrain BSC (Alba) $85 million in cash to settle civil claims under the Racketeer Influenced and Corrupt Organizations Act. Alcoa also said it will resume a long-running agreement to supply Alba with raw aluminum materials. In a statement, Alba valued that portion of Tuesday’s deal at $362 million. Alcoa, which is represented by Cravath Swaine & Moore and K&L Gates, will not admit any wrongdoing.
