News & Analysis as of

Securities Violations Enforcement Actions Whistleblower Awards

Proskauer - Whistleblower Defense

SEC Awards Two Whistleblowers More Than $98 Million

On August 23, 2024, the SEC announced payment of more than $98 million in total to two whistleblowers who provided the SEC with information and assistance that led to successful enforcement actions by the SEC and another...more

K&L Gates LLP

Federal Agencies Have Placed a Heightened Priority on Whistleblowers and Speedy Cooperation

K&L Gates LLP on

As new areas of the law emerge, driven in part by technology and the free flow of information, federal agencies are becoming more aggressive with a tried and true carrot-and-stick approach to law and regulatory enforcement. ...more

Kohn, Kohn & Colapinto LLP

Roundup of SEC Whistleblower Office’s January Notices of Covered Actions

On January 31, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower posted six new Notices of Covered Actions (NoCAs). These NoCAs signal that the SEC is now accepting whistleblower award claims for...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

Troutman Pepper on

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

Orrick, Herrington & Sutcliffe LLP

SEC awards more than $28 million to seven whistleblowers

On December 22, 2023, the SEC announced awards totaling more than $28 million to seven whistleblowers whose information and assistance led to a successful SEC enforcement action. According to the redacted order, five of the...more

Cooley LLP

SEC Announces FY23 Enforcement Results –Record-Breaking Whistleblower Awards, Focus on Individual Accountability, Self-Reporting,...

Cooley LLP on

The Securities and Exchange Commission (SEC) recently announced its enforcement results for fiscal year 2023, which reported a total of 784 enforcement actions, up 3% from FY22. This includes 501 original (stand-alone)...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

Cooley LLP

SEC reports Enforcement stats for fiscal 2023 —with big contributions from whistleblowers

Cooley LLP on

The SEC has announced its Enforcement stats for fiscal 2023, which revealed that the SEC filed 784 total enforcement actions, up 3% from the 760 filed in fiscal 2022. However, the level of financial remedies declined in...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

SEC Fines Private Employer for Language in Employee Separation Agreements That Restricted Whistleblower Awards

The U.S. Securities and Exchange Commission (SEC) recently settled charges alleging that a company’s employee separation agreements restricted former employees from receiving monetary awards for reporting securities law...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

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

Orrick, Herrington & Sutcliffe LLP

SEC’s $279 million whistleblower award is largest-ever

On May 5, the SEC announced the Commission’s largest-ever award—nearly $279 million—awarded to a whistleblower for providing information and assistance leading to the successful enforcement of SEC and related actions. The SEC...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblowers more than $12 million

On March 31, the SEC announced awards totaling more than $12 million to two whistleblowers whose information and assistance led to a successful SEC enforcement action. According to the redacted order, the first whistleblower...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblowers $28 million

On January 24, the SEC announced awards totaling nearly $28 million to joint whistleblowers whose information and assistance led to successful SEC enforcement actions. ...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblowers approximately $18 million

On January 19, the SEC announced three whistleblower awards totaling approximately $18 million to claimants who provided information and assistance that led to a successful enforcement action....more

Orrick, Herrington & Sutcliffe LLP

SEC issues $5 million whistleblower award

On January 13, the SEC announced an award totaling nearly $5 million to a whistleblower whose new information and assistance led to a successful SEC enforcement action. ...more

Cooley LLP

SEC reports Enforcement stats—the “risk-reward calculation is not what it was”

Cooley LLP on

The SEC has announced its fiscal 2022 Enforcement stats, which hit new records. According to the press release, during the year, the SEC filed 760 total enforcement actions, representing a 9% increase over the prior year. ...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

Goodwin

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action

Goodwin on

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action; Delaware Chancery Court Dismisses Camping World Insider Trading Derivative Suit; California Federal Judge Certifies Class Of Apple Common-Stock...more

Jones Day

SEC Announces Proposed Amendments to Whistleblower Program Rules

Jones Day on

The proposed amendments to the rules governing the whistleblower program, if adopted, would reverse prior amendments and provide further and significant financial incentives for whistleblowers to report potential violations...more

Proskauer - Whistleblower Defense

SEC Awards $400,000 to Whistleblower Culpable In Fraudulent Scheme

On November 23, 2021, the SEC issued an award of $400,000 to a whistleblower who voluntarily provided the SEC with original information that assisted the agency in bringing a successful enforcement action that resulted in the...more

Proskauer - Whistleblower Defense

SEC Releases FY 2021 Whistleblower Program Annual Report

On November 15, 2021, the SEC published its annual report to Congress covering the period from October 1, 2020 to September 30, 2021.  The report was prepared by the SEC’s Office of the Whistleblower to summarize its...more

Proskauer - Whistleblower Defense

SEC Awards $40 Million to Two Whistleblowers

On October 15, 2021, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement...more

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