Peter York Solmssen

Quick Facts

Full Name	Peter York Solmssen
Occupation	Lawyer
Date Of Birth	Jan 24, 1955(1955-01-24)
Age	69
Birthplace	Philadelphia
Country	United States
Birth City	Pennsylvania
Horoscope	Aquarius

Peter York Solmssen Biography

Peter York Solmssen is one of the most popular and richest Lawyer who was born on January 24, 1955 in Philadelphia, Pennsylvania, United States. After his clerkship, Solmssen joined the law firm Ballard, Spahr, Andrews & Ingersoll as an associate. His first assignment was on the defense team advising the Dan River Corporation which was resisting a hostile, all- cash tender offer from companies controlled by Carl Icahn. Solmssen was part of the team that devised a successful defense, based on a novel application of the Investment Company Act of 1940. Solmssen was so impressed by the Investment Company Act lawyers at Ballard that he asked to be transferred from the Ballard litigation department to the ´40 Act department, led by William Nutt and William Rheiner. It was a time of explosive growth in the mutual fund industry, and Ballard was a leading law firm in that practice. Ballard had a small office in Frankfurt, Germany, and the partner in charge soon discovered that Solmssen spoke German. He solicited Solmssen to spend some time in the Frankfurt office, covering for the resident lawyer while he was on holiday. Solmssen became more and more involved in the transnational corporate practice, until he was running a growing German companies practice. Solmssen was elected a partner of Ballard, Spahr, Andrews & Ingersoll in 1988 with his wife, the first married lawyers to be elected partners at Ballard.

General Electric Company, one of his clients, hired Solmssen in 1998 as corporate vice president and general counsel of GE Plastics. In 2002 Solmssen became general counsel of GE Healthcare. While there he helped negotiate the company’s acquisitions of Instrumentarium OY and Amersham plc and others. He also initiated ground-breaking collective action in the diagnostic imaging industry which culminated in the NEMA (National Electrical Manufacturers Association) Code. Under the NEMA Code sales and marketing practices which could have been considered suspect under the anti-kickback laws of many countries were ended or sharply curtailed.

In the summer of 2007 Solmssen became general counsel and managing board member of Siemens AG. Peter Solmssen was the first American to serve on the Siemens board. Siemens was in the early stages of a corruption scandal which had commenced in Munich and quickly spread to other countries, endangering the company’s survival. In May 2007 the company had replaced its CEO with the first outsider in its history, Peter Löscher, who had been a senior executive at Amersham. Solmssen and Löscher knew each other from working together at GE. Löscher’s first priority was cleaning up the corruption scandal and asked Solmssen to lead that effort. As the new general counsel at Siemens, Mr Solmssen faced the unusual challenge of rebuilding a compliance function that the bribery scandal had exposed as not only weak but sometimes corrupt.

In October 2016, Peter replaced Tom Russo as EVP and General Counsel of AIG, heading up the global legal, compliance, and regulatory functions. He leads an award-winning team and reported directly into CEOs Peter Hancock and Brian Duppereault. Peter continues his anticorruption work and will be speaking on the topic at a conference being held by the Organisation for Economic Co- operation and Development (OECD) which was held in summer 2017. Peter promoted a culture of integrity while at AIG, a goal still being promoted. He also led the regulatory team through the end of AIG’s SIFI designation. Peter left AIG in September 2017.

In 1989, the Philadelphia law firm Morgan, Lewis & Bockius became one of the first major U.S. firms to open an office in West Germany. The firm recruited Solmssen from Ballard at that time to run its Frankfurt office.

Peter York Solmssen Net Worth

Peter York Solmssen is one of the richest Lawyer from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Peter York Solmssen 's net worth $5 Million. (Last Update: December 11, 2023)

Peter York Solmssen (born January 24, 1955 in Philadelphia, PA) is an American lawyer and business executive who served as general counsel of Siemens AG, the German engineering company, until November 2013. Solmssen was Siemens’ general counsel and assumed responsibility for the company’s businesses in North and South America. Solmssen was best known at Siemens for having negotiated simultaneous settlements of the Siemens corruption prosecutions and leading a global campaign against bribery.

Raised in part in West Germany, Solmssen graduated in 1972 from The Episcopal Academy in Merion, Pennsylvania, and from Harvard University in 1976, where he won a travelling Knox Fellowship to attend Oxford University. He earned his JD in 1980 from the University of Pennsylvania School of Law in Philadelphia, where he was articles editor of the law review. After graduation, Solmssen served for two years as law clerk to Federal District Judge Clarence C. Newcomer in the Eastern District of Pennsylvania.

Solmssen and Löscher undertook an intense effort to resolve outstanding cases, change the culture, redesign compliance processes and make adherence to law and ethics a critical part of performance appraisals. To help address integrity issues in the future, a newly energised CCO and compliance function was established. The corruption scandal, which began with a raid on the Siemens AG headquarters by over two hundred German police and investigators in November 2006 was concluded in December 2008 in a simultaneous settlement with the Munich public prosecutors office, the United States Department of Justice and the United States Securities and Exchange Commission. On the same day, Siemens AG was confirmed as a “responsible contractor,” i.e. eligible to bid on government contracts, by the United States government. In the course of the investigations and settlement Siemens paid fines and incurred expenses exceeding $2.5 billion, but avoided much greater fines and debarment from governmental procurement programs around the world. For the first time in the history of the enforcement of the Foreign Corrupt Practices Act, the United States Department of Justice recommended penalties lower than those prescribed by federal sentencing guidelines. Also for the first time, the Department recommended the appointment of a compliance monitor who was not an American lawyer. The appointment of Theo Waigel, the former Finance Minister of Germany, was groundbreaking and an important component of the successful implementation of the Siemens compliance program.

Height, Weight & Body Measurements

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Who is Peter York Solmssen Dating?

According to our records, Peter York Solmssen is possibily single & has not been previously engaged. As of December 1, 2023, Peter York Solmssen’s is not dating anyone.

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Facts & Trivia

Nadine Ranked on the list of most popular Lawyer. Also ranked in the elit list of famous people born in United States. Peter York Solmssen celebrates birthday on January 24 of every year.