On March 19, 2018, the Securities and Exchange Commission (“SEC”) announced its highest ever Dodd-Frank Act (“DFA”) bounty awards to three whistleblowers. These SEC awards represent a new milestone in the SEC’s ongoing efforts to incentivize would-be whistleblowers to report unlawful conduct directly to the Commission. Two whistleblowers will divide a nearly $50 million award
Dodd-Frank Act
SEC Action Impacts Employer Confidentiality Agreements
By Joseph C. Toris on
The Securities and Exchange Commission recently settled its first administrative proceeding and enforcement action under the Dodd-Frank Act involving an employer’s use of a form confidentiality agreement. The SEC found the agreement, which prohibited employees from discussing aspects of internal investigations without prior law department authorization, could interfere with the employee’s ability to communicate with…
SEC Announces Record Whistleblower Award Of Over $30 Million
By Jackson Lewis P.C. on
On September 22, 2014 the Securities & Exchange Commission (SEC) announced that it would pay a Dodd-Frank Act (DFA) whistleblower award of $30 to $35 million to an anonymous foreign tipster. DFA authorizes awards of 10% to 30% of the SEC’s recovery if the tip leads to an SEC enforcement action with sanctions exceeding $1…