News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Enforcement Actions Whistleblower Awards

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Kohn, Kohn & Colapinto LLP

Fifth Circuit Ruling on Whistleblower Awards from Bankruptcy Collections Underscores Shortcoming With SEC Program

Whistleblowers who exposed what has been called “one of the biggest frauds in Texas history” are not eligible to receive Securities and Exchange Commission (SEC) whistleblower awards based on the collections recovered in a...more

WilmerHale

SEC Continues Scrutiny of Provisions That Might Impede Whistleblowers

WilmerHale on

On September 9, 2024, the Securities and Exchange Commission (SEC) announced settled charges against seven public companies for violations of certain whistleblower protections provided by Rule 21F-17 under the Securities...more

Ballard Spahr LLP

Are Whistleblower Protection Violations the New SEC Sweep?

Ballard Spahr LLP on

The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages...more

Kohn, Kohn & Colapinto LLP

False Narratives Around False Whistleblower Reporting: Finding the 0.0027%

Critics of whistleblower award laws commonly claim that whistleblower awards will lead to frivolous and speculative complaints aimed at damaging the reputation of individuals or companies. However, a close look at the data...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblower more than $37M

On July 17, the SEC announced an award totaling more than $37 million to a whistleblower whose information and assistance significantly contributed to a successful SEC enforcement action. ...more

Kohn, Kohn & Colapinto LLP

OECD Recommendations and U.S. Anti-Corruption Strategy Show U.S. Should Award Whistleblowers who Report to Media

Both the Organisation for Economic Co-operation and Development (OECD) and the U.S. Strategy on Countering Corruption recognize that the news media plays a vital role in the detection of bribery and other acts of corruption...more

Kohn, Kohn & Colapinto LLP

SEC’s Record Sanction Against JP Morgan for Impeding Whistleblowing is a Major Step

On January 16, the U.S. Securities and Exchange Commission (SEC) announced a record $18 million sanction against JP Morgan for Rule 21F-17(a) violations, sending the strongest message yet that the SEC is cracking down on...more

Troutman Pepper

SEC's Whistleblower Program Sees Record Increase in Tips but Fewer Payouts

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Despite a 50% increase in whistleblower tips over fiscal year (FY) 2022, the number of whistleblowers who received awards from the Securities and Exchange Commission (SEC) decreased significantly in FY 2023. This trend...more

Kohn, Kohn & Colapinto LLP

Using Whistleblower Laws to Hold Polluters Accountable

Global political and business leaders have purported ambitious climate-focused goals for the decades ahead, such as eliminating landfill waste by 2030, transitioning to 100% renewable energy use by 2035, and achieving...more

Kohn, Kohn & Colapinto LLP

SEC, CFTC Pass $2 Billion Award Milestone but Reforms are Still Needed

Combined, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have awarded more than $2 billion to whistleblowers. The agencies’ whistleblower programs, which were created...more

Kohn, Kohn & Colapinto LLP

The SEC is Receiving More Whistleblower Tips than Ever, Underscoring Importance of Reform

On October 25, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), revealed that in the 2023 Fiscal Year the SEC Whistleblower Program the SEC Whistleblower Program received 18,000 whistleblower tips, a...more

Proskauer - Corporate Defense and Disputes

SEC’s Whistleblower Program Grants Fourth Largest Award in its History

On August 4, 2023, the Securities and Exchange Commission announced awards totaling more than $104 million to seven whistleblowers in connection with a successful SEC enforcement action. The SEC’s Press Release can be found...more

Paul Hastings LLP

Recent Whistleblower Activity Increases Pressure on Internal Reporting and Investigation Mechanisms

Paul Hastings LLP on

On May 5, 2023, the Securities and Exchange Commission (“SEC”) granted its largest-ever whistleblower award of $279M to an individual, reportedly stemming from Ericsson’s $1.1B settlement to resolve claims that the...more

Holland & Knight LLP

SEC to Issuers: Retaliating Against or Impeding Whistleblowers Is Not Zen

Holland & Knight LLP on

Public companies should be mindful not to interfere with or retaliate against whistleblowers, and stretching is best reserved for the yoga mat, not the numbers in a company's public disclosures. So says the U.S. Securities...more

Wiley Rein LLP

SEC Annual Whistleblower and Enforcement Reports Signal Continued Aggressiveness in 2023 and Beyond

Wiley Rein LLP on

On November 15, 2022 the U.S. Securities and Exchange Commission (SEC) released its Dodd-Frank Whistleblower Program fiscal year (FY) 2022 Annual Report to Congress. The same day, the SEC reported on the Enforcement...more

Foley & Lardner LLP

Whistleblower Newsletter Q2 2022

Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments include:...more

Proskauer - Whistleblower Defense

D.C. Circuit: No Award to Whistleblower Who Made Disclosure Before Enactment of SEC’s Whistleblower Program

On May 27, 2022, the D.C. Circuit Court of Appeals affirmed an order by the Securities and Exchange Commission (“SEC”) denying a whistleblower award under the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

Kohn, Kohn & Colapinto LLP

Whistleblowers Key to Combating Cryptocurrency Fraud

In September 2021, the market capitalization for digital assets, such as cryptocurrencies and NFTs, was valued at $2.14 trillion. The cryptocurrency market has attracted a variety of fraudulent activities in which the...more

Orrick, Herrington & Sutcliffe LLP

Largest Single Whistleblower Award Ever under Dodd Frank

The Commodity Futures Trading Commission awarded approximately $200 million to a single whistleblower earlier this month based on the individual’s “significant contribution” to the success of a CFTC action and two Related...more

A&O Shearman

CFTC Awards Record $200 Million To Whistleblower

A&O Shearman on

On October 21, 2021, the Commodity Futures Trading Commission (“CFTC”) announced it would be awarding a whistleblower its largest, publicly-announced single award under the Dodd-Frank whistleblower rewards program—nearly $200...more

Winthrop & Weinstine, P.A.

In the Wake of Recordbreaking Whistleblower Award, Review Compliance Protocols

Companies that are subject to federal securities laws and regulations, and those involved in markets for futures, options, and swaps should take note: On October 21, 2021, the Commodity Futures Trading Commission (CFTC)...more

Katten Muchin Rosenman LLP

Gensler-Led SEC Demonstrates Continued Support for Whistleblowers - Capital Markets Compass | Issue 1

On August 5, the Securities and Exchange Commission (SEC) announced interim procedures effectively nullifying amendments to the SEC's whistleblower program adopted less than a year ago under former SEC Chairman Jay Clayton....more

Foley & Lardner LLP

Review of Recent Whistleblower Developments - October 2021

Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business... SEC to Study Amended...more

Kohn, Kohn & Colapinto LLP

Over $100 Million Awarded to Whistleblowers from CFTC Enforcement Actions

Approximately $123 million in awards has been awarded to whistleblowers since the Commodity Futures Trading Commission’s (CFTC) Whistleblower Program was created under the 2010 Dodd-Frank Act. ...more

Porter Hedges LLP

SEC Announces More Than $16 Million In Whistleblower Awards In August 2021

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In August 2021, the Securities and Exchange Commission (the “SEC”) announced multiple sizable whistleblower awards totaling approximately $16.1 million to 14 individuals. The awards ranged from $150,000 to $3.5 million. These...more

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