Once upon a time there were companies that the press simply did not associate with scandal and malfeasance. Junk bond dealers were tried in the court of public opinion, but not Citigroup. In fact, whole industries seemed exempt. Maybe oil companies were suspect powers, but not the telephone company. Not the corner retail store.
After the 2002 betrayals, there are no exceptions. Moreover, the boundaries of scandal have been erased and multinationals now face reputational threats in every venue. UK companies know better than anyone the aggressive sting of the UK press. Now they are learning the breadth of exposure in the US as well, where the regulator’s eye is keener than ever, where the attorneys general of the individual states are politically ambitious, and where certain jurisdictions such as Texas and Mississippi beckon invitingly to forum-shopping plaintiffs.
