In the wake of recent SEC pronouncements about huge numbers of whistleblower complaints in the pipeline, one of the most hotly contested issues under the Dodd-Frank Wall Street Reform and Consumer Protection Act “Dodd Frank Act”) has been the question of whether the Dodd Frank Act’s whistleblower anti-retaliation provision protects only those individuals who report
SEC Whistleblower Awarded Record $14 Million
On October 1, the Securities and Exchange Commission (SEC) announced that an unidentified whistleblower, “who voluntarily provided original information” to the SEC “that led to the successful enforcement” action against an undisclosed company, has been awarded a record $14 million. According to the SEC, the award “recognizes the significance of the information that the Claimant provided to the Commission, the assistance the Claimant provided in the Commission action, and the law enforcement interest in deterring violations by granting awards.”
This is the third such award the SEC has made under the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) since the statute’s passage in 2010. The others were in the amounts of $50,000 and a little more than $25,000.
The latest record award is no surprise to employers and their lawyers who have been monitoring the SEC’s actions under the DFA’s “bounty” provisions. …
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