‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInTipsters Get $175 Million From SEC in Record Year for Program – Bloomberg
The U.S. Securities and Exchange Commission paid about $175 million to 39 whistle-blowers in the past year, setting a record for a program that rewards tipsters for helping the agency go after corporate wrongdoing. Six awards were announced by the SEC on Wednesday, the final day of the federal government’s fiscal year. In the biggest […]
SEC Awards Almost $30 Million to Two Insider Whistleblowers
The Securities and Exchange Commission today announced an award of almost $30 million to two insider whistleblowers whose tips led SEC staff to open an investigation. The first whistleblower, who was the first to alert SEC staff of potential wrongdoing and provided substantial, ongoing assistance, received an award of approximately $22 million. The second whistleblower […]
SEC Issues $1.8 Million Whistleblower Award to a Company Outsider
“Today’s award marks a milestone for the whistleblower program,” said SEC Chairman Jay Clayton. “This whistleblower is the 100th individual to receive an award under the program since its inception, and the 33rd individual awarded so far this year. The pace and the amounts of the awards in recent years underscore the Commission’s commitment to […]
‘A Sleight of Hand’: Whistleblower Lawyers Recoil at SEC’s New Rules | Law.com
Whistleblower advocates voiced alarm Wednesday over the U.S. Securities and Exchange Commission asserting broad discretion to lower awards for tipsters who assist with investigations, saying the agency’s move threatens to undermine a program that has been hailed as a “game changer” for the agency’s enforcement efforts. via ‘A Sleight of Hand’: Whistleblower Lawyers Recoil at […]
SEC Adds Clarity, Efficiency and Transparency to Its Successful Whistleblower Award Program
Among other enhancements, the amendments provide a mechanism for whistleblowers with potential awards of less than $5 million (which historically have represented nearly 75% of all whistleblower awards), subject to certain criteria, to qualify for a presumption that they will receive the maximum statutory award amount. Other awards will continue to be evaluated consistent with […]
Exclusive: U.S. regulator to abandon proposed whistleblower caps, tighter tip deadlines – sources | Reuters
The U.S. securities regulator is poised to walk back a proposal to impose discretionary caps on whistleblower awards and tighten deadlines for formally filing tips when it votes to overhaul the bounty program this week, five people briefed on the matter told Reuters. via Exclusive: U.S. regulator to abandon proposed whistleblower caps, tighter tip deadlines […]
SEC Awards More Than $10 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action. “This award recognizes the persistent efforts of the whistleblower to expose serious financial misconduct,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. […]
SEC Cancels Vote on Controversial Whistleblower Program Reforms – WSJ
The U.S. Securities and Exchange Commission has called off a second attempt to vote on long-pending amendments to its whistleblower award program—a sign the agency’s commissioners still haven’t reached a consensus on a final version of the rules. The amendments, in the works for more than two years, would give the SEC the ability to […]
SEC Awards Outside Analysts, Labaton Sucharow Clients, $2.5 Million Whistleblower Bounty | SEC Whistleblower Attorneys | Labaton Sucharow
The Securities and Exchange Commission today announced that it awarded two financial analysts more than $2.5 million for reporting misconduct at Orthofix International N.V. As a result of the whistleblowers’ high-quality tip, in 2017, Orthofix and three former executives settled with the SEC for $8.37 million, to be distributed to harmed investors. The outside analysts […]
SEC Awards Over $2.5 Million to Joint Whistleblowers for Detailed Analysis That Led to Multiple Successful Actions
The Securities and Exchange Commission today announced an award of over $2.5 million to joint whistleblowers whose tip based largely on highly probative independent analysis of a public company’s filings led to several successful enforcement actions. In addition to their tip, the whistleblowers provided helpful assistance early in the investigation, which helped save Commission time […]