Story perspectives

DOJ Moves to Dismiss Adani Case After $293 M Settlements

5/19/2026

Summary

Justice Department Dismisses

On May 18, 2026, Justice Department filed a motion to dismiss case against Gautam Adani, signed by R. Trent McCotter and Joseph Nocella Jr.
The motion awaits Judge Nicholas Garaufis’s approval and will not receive resources.
Attorney Robert J. Giuffra Jr. said the case halted a $10 billion investment would have created 15,000 jobs.
Treasury and the SEC settled cases requiring the Adanis to pay $275 million and $18 million without admitting wrongdoing.

Summary

Adani Settlement

The settlement required a $192 million payment for the LPG shipments.
Defense argued the SEC lacked jurisdiction because the securities were not U.S.-listed and the conduct occurred only in India.
Sullivan & Cromwell, Nixon Peabody, Hecker Fink, Norton Rose Fulbright and Bracewell filed briefs contesting the case.
Former SEC commissioner Laura Unger said prosecutors were tying fraud claims to a bribery allegation, while filings noted no investor losses and that Gautam Adani did not authorize the bonds.

History

Historical Context

Enron’s collapse after its December 2, 2001 bankruptcy, which erased about $11 billion in shareholder value, spurred the 2002 Sarbanes-Oxley Act tightening corporate oversight. The Department of Justice now cites that precedent while moving to dismiss the cross-border securities case against India’s Adani Group, underscoring continued scrutiny of multinational finance deals.

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Justice Department Dismisses

On May 18, 2026, Justice Department filed a motion to dismiss case against Gautam Adani, signed by R. Trent McCotter and Joseph Nocella Jr.
The motion awaits Judge Nicholas Garaufis’s approval and will not receive resources.
Attorney Robert J. Giuffra Jr. said the case halted a $10 billion investment would have created 15,000 jobs.
Treasury and the SEC settled cases requiring the Adanis to pay $275 million and $18 million without admitting wrongdoing.

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