SEC Will the Supreme Court Reduce Whistleblower Awards By Allowing Fraudsters to Keep Their Illicit Gains? On March 3, 2020, the Supreme Court heard oral arguments on whether the SEC can compel those who commit securities fraud to “disgorge” (give up) the gains from their fraud.
SEC Morgan Stanley Attorney Working Abroad Is Denied SOX Protection On February 13, 2020, a U.S. Department of Labor administrative judge ruled that an American attorney working for Morgan Stanley in Hong Kong was not protected by the anti-retaliation provisions of the
SEC Whistleblowers Who Disclose Investment Fraud Should Be Protected The ongoing impeachment proceedings and related investigations have highlighted the need to protect federal employees who disclose official misconduct, including misconduct in the Oval Office.
SEC SEC Acts to Protect Investors’ Right to Report Violations, Rewards Three Investors Who Did So These actions were unusual because they dealt with disclosures or potential disclosures not by employees or other company insiders, but by outside investors.
SEC Second Circuit Affords SEC Broad Discretion In Whistleblower Award Decisions Although arising from unusual circumstances, this ruling drives home the fact that the SEC has broad discretion when making whistleblower awards, including the discretion to disregard submissions not presented clearly and persuasively.
SEC Congress Moves toward New Protections for Whistleblowers Who Disclose Securities Violations Internally A bipartisan group of Senators has introduced legislation that would expand whistleblower protections to include Dodd-Frank anti-retaliation measures.
SEC SEC Awards Whistleblower $1.8 Million For Reporting Overseas Misconduct On August 29, 2019, the SEC awarded more than $1.8 million to a whistleblower who tipped the SEC to overseas violations of the US securities laws.
SEC 3rd Circuit Rejects Citigroup Effort To Force SOX Whistleblower Claim Into Arbitration 3rd Circuit denied Citigroup attempt to force arbitration in an employee retaliation claim under the Sarbanes-Oxley Act. Forced arbitration in an employee handbook would have made it invalid.
SEC SEC Whistleblower Receives $4.5 Million After Internal Reporting Leads To Successful Enforcement Actions The SEC recently awarded $4.5 million in its first whistleblower award based on information submitted to the SEC by a company after a whistleblower triggered an internal investigation.
SEC Supreme Court Affirms Liability For Dissemination of False Statements Prepared By Others Supreme Court affirms liability for dissemination of false statements prepared by others. This decision departs from the Court's trend in the last decade and opens the door to greater defendant liability.
SEC Two Whistleblowers Receive SEC Awards Totaling $50 Million The SEC whistleblower program makes the second $50 million award in a year. The SEC awards individuals providing information that significantly contributes to a successful enforcement action.
SEC General Counsel Who “Blew The Whistle” Is Awarded $8 Million On Retaliation Claim General counsel, whistleblower, awarded $8 million on retaliation claim. Company general counsel fired for reporting violations of the FCPA was retaliated against. Court award included $5 million in punitive damages.
SEC How Often Does The SEC Obtain Judgments For Over $1 Million? An eligible whistleblower can apply for a monetary award from the Securities and Exchange Commission (SEC) if the information provided by the whistleblower has enabled the SEC to obtain a judgment for more
SEC The Outlook For SEC Enforcement In 2019 For those attempting to forecast the probable contours of the SEC's enforcement program in 2019, the first place to turn is the Division of Enforcement's 2018 track record. Five trends from 2018 are
SEC Supreme Court Hears Argument On Key Securities Fraud Issue On December 5, 2018, the U.S. Supreme Court heard oral argument in a case that could provide badly-needed guidance regarding the securities law liability of those who disseminate false statements they have
