US law firm Baker Botts said it had been informed by the Securities and Exchange Commission (SEC) that it had closed an investigation into the Angolan operations of its client, Cobalt International Energy without recommending any enforcement action. 'We are very pleased that the SEC has concluded its investigation and is taking no action,' said Michael Goldberg, a partner based in Baker Botts’ Houston and New York City offices and co-chair of the firm’s international dispute resolution group. 'This result is entirely consistent with the outcomes of the two prior investigations into Cobalt’s Angolan operations by the SEC and Department of Justice.'
The SEC began its current investigation into Cobalt’s Angolan operations in March 2017. The SEC and DOJ previously opened investigations in 2011 and concluded them, respectively, in 2015 and 2017. All three investigations were concluded without any enforcement action and without any settlement. The Baker Botts team included partners Michael Goldberg, Partner and Russell Lewis along with associates Sarah Coble, Laura Smith and Ben Gonsoulin.