Proskauer Whistleblower Defense

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Proskauer Whistleblower Defense

ARB Affirms Dismissal of SOX Whistleblower Claim for Lack of Protected Activity

By Steven J. Pearlman, Pinchos Goldberg & Julia Hollreiser

February 18, 2021

On December 17, 2020, the Administrative Review Board (“ARB”) of the U.S. Department of Labor affirmed the dismissal of a former employee’s whistleblower retaliation claim under Section 806 of SOX. The ARB concluded that the Complainant did not engage in protected activity, noting that his complaints regarding a lack of what he characterized as “internal controls” were inadequate. The ARB also concluded that the Respondent showed it would have terminated Complainant’s employment even in the…

Proskauer Whistleblower Defense

Whistleblower Attorney Challenges SEC Final Rule Changing Its Whistleblower Program

By Lloyd B. Chinn, Pinchos Goldberg & Scott Tan

February 17, 2021

On January 13, 2021, a New York whistleblower attorney filed a lawsuit in the U.S. District Court for the District of Columbia challenging a recent final rule adopted by the Securities and Exchange Commission (the “Commission or “SEC”) which made several changes to the SEC’s whistleblower program. The SEC Final Rule The final rule was adopted on September 23, 2020 after an extended notice-and-comment period following issuance of the proposed rule on June 28, 2018…

Proskauer Whistleblower Defense

Whistleblower Attorney Challenges SEC Final Rule Changing Its Whistleblower Program

By Lloyd B. Chinn, Pinchos Goldberg & Scott Tan

February 17, 2021

Proskauer Whistleblower Defense

Fifth Circuit Affirms Dismissal of SOX Whistleblower Claim for Lack of Employer-Employee Relationship

By Steven J. Pearlman, Pinchos Goldberg & Rebecca Fishbein

February 4, 2021

On January 29, 2021, the U.S. Court of Appeals for the Fifth Circuit affirmed the dismissal of a SOX whistleblower retaliation claim where the plaintiff failed to establish an employer-employee relationship with the defendant. Moody v. Am. Nat’l Ins. Co., No. 20-cv-40462. Background Plaintiff was the owner and president of Moody Insurance Group (“MIG”). MIG contracted with American National Insurance Company (“ANICO”) to sell ANICO’s insurance products. During the term of the contract,…

Proskauer Whistleblower Defense

Bloomberg: SEC Receives Record Number of Whistleblower Tips From Remote Employees

By Harris Mufson & Pinchos Goldberg

February 2, 2021

A recent Bloomberg article reports that whistleblower complaints to the SEC have soared as employees have been working from home during the COVID-19 pandemic. According to the article, the SEC received 6,900 complaints in the fiscal year that ended on September 30, 2020 – a 31% jump from the previous 12-month record. The article discusses how the isolation associated with working remotely has emboldened employees to speak out. The article quotes a former SEC official…

Proskauer Whistleblower Defense

CFTC Releases 2020 Annual Report on its Whistleblower Program

By Steven J. Pearlman, Pinchos Goldberg & Scott Tan

November 25, 2020

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The Commodity Futures Trading Commission (“CFTC”) recently released its 2020 Annual Report on the status of its whistleblower program for the fiscal year ending on September 30, 2020. The report, prepared by the CFTC’s Whistleblower Office (“WBO”), contains statistics on the tips received and awards granted during the previous fiscal year, describes the WBO’s recent outreach and education initiatives, and provides an update on the CFTC Customer Protection Fund, which finances these efforts. Under the…

Proskauer Whistleblower Defense

SEC Announces Record-Breaking $114 Million Award to Whistleblower

By Lloyd B. Chinn & Pinchos Goldberg

November 2, 2020

On October 22, 2020, the SEC announced an award of over $114 million to a whistleblower who, after reporting internally to their employer, provided the SEC with information and assistance that led to the successful enforcement of SEC and related actions. The $114 million award consists of an approximately $52 million award in connection with the SEC case and an approximately $62 million award arising out of the related actions by another unidentified agency. The…

Proskauer Whistleblower Defense

Ga. District Court Dismisses Dodd-Frank and SOX Whistleblower Claims

By Steven J. Pearlman, Pinchos Goldberg & Melissa A. Overbeck

October 26, 2020

On September 30, 2020, the U.S. District Court for the Northern District of Georgia granted an employer’s motion to dismiss a Dodd-Frank whistleblower claim on the ground that the alleged whistleblower did not complain to the SEC prior to his termination. The court also granted Plaintiff’s SOX whistleblower claim as against three affiliates of Plaintiff’s employer, holding that Plaintiff had failed to exhaust administrative remedies as to those defendants because he did not specify the…

Proskauer Whistleblower Defense

SEC Awards Almost $30 Million to Two Insider Whistleblowers

By Lloyd B. Chinn & Pinchos Goldberg

October 9, 2020

On September 30, 2020, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action. (The order granting the awards can be accessed here.) The larger of the two awards, $22 million, is one of the SEC’s highest awards to date and was awarded to an insider who was the first to alert the SEC of…

Proskauer Whistleblower Defense

SEC Amends Whistleblower Program Rules

By Steven J. Pearlman, Pinchos Goldberg & Scott Tan

October 8, 2020

On September 23, 2020, by a vote of 3 to 2, the U.S. Securities and Exchange Commission announced the adoption of a final rule implementing several changes to its whistleblower program, citing the need to “provide greater clarity to whistleblowers and increase the program’s efficiency and transparency.” The following addresses the key provisions of the final rule. The Commission Clarifies Its Award-Setting Procedures One of the most notable provisions of the final rule changed how…

Proskauer Whistleblower Defense

Blog Authors

ARB Affirms Dismissal of SOX Whistleblower Claim for Lack of Protected Activity

Whistleblower Attorney Challenges SEC Final Rule Changing Its Whistleblower Program

Whistleblower Attorney Challenges SEC Final Rule Changing Its Whistleblower Program

Fifth Circuit Affirms Dismissal of SOX Whistleblower Claim for Lack of Employer-Employee Relationship

Bloomberg: SEC Receives Record Number of Whistleblower Tips From Remote Employees

CFTC Releases 2020 Annual Report on its Whistleblower Program

SEC Announces Record-Breaking $114 Million Award to Whistleblower

Ga. District Court Dismisses Dodd-Frank and SOX Whistleblower Claims

SEC Awards Almost $30 Million to Two Insider Whistleblowers

SEC Amends Whistleblower Program Rules

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