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Securities Violations Enforcement Actions Whistleblowers

Perkins Coie

Whistleblower Protection Remains SEC Priority

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Last week, the SEC announced settled charges against seven public companies for use of agreements that the SEC alleges have provisions that violate the whistleblower protection rule. Coincidentally, I recently recorded a...more

Ballard Spahr LLP

SEC Announces Settlements with Seven Public Companies for Violations of Exchange Act Whistleblower Protections in Employee and...

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The SEC has begun to bring enforcement actions against companies whose employment and client agreements could appear to infringe on the right to report cases in violation of Section 21f-17(a) of the Exchange Act. On September...more

BCLP

SEC Again Cracks Down on Companies That Restrict Whistleblowers

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As discussed in our December 15, 2023 client alert, the SEC has waged an aggressive effort to enforce alleged violations of the whistleblower protection rule.  On September 9, 2024, the SEC announced settled charges resulting...more

Jenner & Block

Client Alert: Key Takeaways from the SEC’s Latest Enforcement Sweep Regarding Violations of the Whistleblower Protections Rule

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Earlier this week, the SEC announced an enforcement sweep charging seven public companies with violating the whistleblower protections rule in various employment-related agreements. These charges reflect the SEC’s continuing...more

Troutman Pepper

SEC Charges Broker-Dealer and Two Affiliated Investment Advisers With Violating Whistleblower Protection Rule

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On September 4, the Securities and Exchange Commission (SEC) issued an order against three investment adviser firms for violating the whistleblower protections of Rule 21F-17(a) under the Securities Exchange Act of 1934. This...more

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

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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

A&O Shearman

CFTC Resolves First Action for Impeding Whistleblowers Over Objections of Two Commissioners

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On June 17, 2024, the Commodity Futures Trading Commission (“CFTC” or “the Commission”) issued a groundbreaking order against an energy, metals, and minerals commodity trading company (the "Company”) registered in Singapore....more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Enforcement Director Addresses Self-Reporting Benefits

On April 11, 2024, Ian McGinley, the director of enforcement at the Commodity Futures Trading Commission (CFTC) addressed the New York City Bar Association Futures and Derivatives Committee to present the benefits of...more

Goodwin

SEC Speaks Conference 2024

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The SEC (U.S. Securities and Exchange Commission) recently hosted the 2024 SEC Speaks conference in Washington, DC. During the event, SEC leaders, including the Chair, commissioners, and senior staffers, shared their views...more

Perkins Coie

February Tip of the Month: SEC Targets Whistleblower Restrictions in Employment-Related Agreements

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The U.S. Securities and Exchange Commission (SEC) has signaled that it will take aggressive action against employers who, by way of employment-related agreements, restrict, prohibit, or otherwise discourage employees from...more

DarrowEverett LLP

Actions vs. J.P. Morgan, Monolith Serve as SEC Compliance Check Reminders

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The Securities and Exchange Commission (SEC) recently settled charges against J.P. Morgan Securities LLC (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law...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

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

SEC Takes on Nondisclosure Agreements to Protect Whistleblower Program; Fines Firm $10 Million

The U.S. Securities and Exchange Commission (SEC) in recent years has taken an aggressive stance against employers over employment agreements that the agency believes impede its whistleblower program—as highlighted by a $10...more

Seyfarth Shaw LLP

SEC Continues to Police Confidentiality Provisions for Theoretical Whistleblower Suppression

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The Securities and Exchange Commission (“SEC”) levied an $18 million fine against J.P. Morgan Securities, LLC (“JPMS”) for allegedly including overbroad release provisions in settlement agreements. This marks the continuation...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

BakerHostetler

Employers Beware: Broad Confidentiality and Severance Clauses May Violate Whistleblower Protection Laws

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Employers should check their confidentiality and severance agreements for a common oversight that, for some, is becoming a costly error. Recent enforcement activity by the Securities and Exchange Commission (SEC) of Rule...more

Bond Schoeneck & King PLLC

Eyes on 2024: Will the SEC Continue Its Aggressive Enforcement of Whistleblower Laws in 2024?

The Securities and Exchange Commission (the SEC or Commission) made clear in 2023 that it intends to aggressively enforce its whistleblower protection laws, namely Rule 21F-17, which prohibits employers from taking any action...more

Carlton Fields

Juggling Act: SEC Fines Three Employers for Potentially Discouraging Whistleblowers

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The SEC has continued its enforcement against employers — including privately held companies — that have provisions in their agreements or policies that could potentially discourage whistleblowing or communications with...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

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

Patterson Belknap Webb & Tyler LLP

Takeaways from the SEC Division of Enforcement’s FY 2023 Report

On November 14, 2023, the Securities and Exchange Commission (the “SEC”) published its enforcement results for fiscal year 2023. FY23 was another active year in terms of SEC enforcement, with a 3 percent increase in total...more

Cooley LLP

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

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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

Troutman Pepper

SEC Releases Fiscal Year 2023 Enforcement Results

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On November 14, the Securities and Exchange Commission (SEC) published its enforcement results for fiscal year 2023, which concluded on September 30. These results provide insight into the SEC's priorities and enforcement...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

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