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SEC Announces Record-Breaking $50 Million Award to Whistleblower

By Lloyd B. Chinn, Pinchos Goldberg & Dominique Kilmartin on June 5, 2020
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On June 4, 2020, the SEC announced a nearly $50 million award to a whistleblower who provided the SEC with detailed, first-hand information that assisted the agency in bringing a successful enforcement action.  While tipsters have previously shared a $50 million award, this is the largest amount ever awarded to a single whistleblower under the SEC’s whistleblower program and far surpasses the next-largest individual award of $39 million in September 2018.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, said in a press release that “[t]his award marks several milestones for the whistleblower program,” and explained that the award “is the largest individual whistleblower award announced by the SEC since the inception of the program, and brings the total awarded to whistleblowers by the SEC to over $500 million, including over $100 million in this fiscal year alone.”  She added, “[w]histleblowers have proven to be a critical tool in the enforcement arsenal to combat fraud and protect investors.”

Since the inception of the whistleblower program in 2011, the SEC has received over 33,000 tips and awarded over $500 million to 83 individuals.  The order granting yesterday’s record-breaking award can be accessed here.

Photo of Lloyd B. Chinn Lloyd B. Chinn

Lloyd B. Chinn is a partner in the Labor & Employment Law Department and co-head of the Whistleblowing & Retaliation Group. He litigates employment disputes of all types before federal and state courts, arbitration tribunals (e.g., FINRA, JAMS and AAA), and before administrative…

Lloyd B. Chinn is a partner in the Labor & Employment Law Department and co-head of the Whistleblowing & Retaliation Group. He litigates employment disputes of all types before federal and state courts, arbitration tribunals (e.g., FINRA, JAMS and AAA), and before administrative agencies in New York and across the country. Lloyd’s practice ranges from litigating compensation disputes to defending whistleblower, discrimination and sexual harassment claims. Although he represents employers in a wide range of industries, including law, insurance, health care, consulting, media, education and technology, he focuses a substantial portion of his practice on the financial services sector. He has tried to final verdict or arbitration award substantial disputes in this area.

Due to Lloyd’s litigation experience, clients regularly turn to him for advice regarding the full range of employment matters, including terminations, whistleblower policy and procedure, reductions in force, employment agreements, and employment policies. For example, in the wake of the financial crisis, he has counseled a number of firms through reductions in force and related bonus and deferred compensation disputes. Lloyd has also been retained to conduct internal investigations of allegations of workplace misconduct, including claims leveled against senior executives.

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Photo of Pinchos Goldberg Pinchos Goldberg

Pinny Goldberg is an associate in the Labor & Employment Law Department. Pinny represents employers in a broad array of matters before federal and state courts, FINRA and other arbitration panels, and administrative agencies, including the EEOC and its state equivalents, and in…

Pinny Goldberg is an associate in the Labor & Employment Law Department. Pinny represents employers in a broad array of matters before federal and state courts, FINRA and other arbitration panels, and administrative agencies, including the EEOC and its state equivalents, and in pre-litigation negotiations. Matters he works on include discrimination and harassment, wage and hour, wrongful discharge, whistleblowing and retaliation, covenants not to compete, breaches of fiduciary duty, unjust enrichment, and tort and contract claims.

In addition to handling litigation and dispute resolution, Pinny regularly advises clients on a wide variety of employment issues, including drafting, reviewing and revising handbooks and workplace policies. He also addresses questions and concerns related to hiring, wage and hour issues, employee leave, performance problems, terminations of employment, and separation agreements and releases.

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Photo of Dominique Kilmartin Dominique Kilmartin

Dominique Kilmartin is an associate in the Labor & Employment Law Department and a member of the Employment Litigation & Arbitration Group.

Dominique graduated cum laude from Seton Hall University School of Law, where she was an editor of the Seton Hall Law…

Dominique Kilmartin is an associate in the Labor & Employment Law Department and a member of the Employment Litigation & Arbitration Group.

Dominique graduated cum laude from Seton Hall University School of Law, where she was an editor of the Seton Hall Law Review. Dominique also worked as a student attorney at the Civil Litigation & Practice Clinic and as an intern for the Honorable Judge John Michael Vazquez of the United States District Court for the District of New Jersey. Upon graduation from law school, Dominique received the ABA/BNA Award for Excellence in the Study of Labor and Employment Law.

Prior to joining the firm, Dominique served as a law clerk to the Honorable Lee A. Solomon, Associate Justice of the New Jersey Supreme Court.

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  • Posted in:
    Employment & Labor, Featured Posts
  • Blog:
    Proskauer Whistleblower Defense
  • Organization:
    Proskauer Rose LLP
  • Article: View Original Source

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