On March 7, 2024, Deputy Attorney General Lisa Monaco announced that the U.S. Department of Justice (“DOJ”) is creating a pilot whistleblower rewards program, which will be developed and implemented over the next 90 days, with a formal start date
Proskauer Whistleblower Defense
CFTC Releases FY 2023 Annual Report on its Whistleblower Program
The Commodity Futures Trading Commission (“CFTC”) recently released its statutorily mandated 2023 Annual Report detailing the status of its whistleblower program for the fiscal year ending on September 20, 2023.
The CFTC’s whistleblower program pays awards to eligible whistleblowers who…
Words Matter: Three Key Steps to Mitigate SEC Enforcement Risks Relating to Whistleblower Carveout Language
Since 2015, the SEC has brought nearly two dozen enforcement actions for violations of the whistleblower protection rules under Rule 21F-17(a) against employers for actions taken to impede reporting to the SEC. The bulk of these actions have focused on…
CA District Court Upholds $1.5 Million Jury Verdict and Awards $2.4 Million for Attorneys’ Fees in Long-Running SOX Whistleblower Lawsuit
Eleventh Circuit Affirms Rejection of Employee’s SOX Claim for Lack of Protected Activity
On September 25, 2023, the U.S. Court of Appeals for the Eleventh Circuit affirmed the Department of Labor’s Administrative Review Board’s rejection of an employee’s Sarbanes–Oxley Act (SOX) retaliation claim, holding the employee did not engage in protected activity because…
CFTC Awards Over $15 Million to Two Whistleblowers
On September 19, 2023, the CFTC announced whistleblower awards totaling over $15 million to two whistleblowers who provided the CFTC with information that assisted the agency in bringing separate successful enforcement actions.
One of the awards was awarded to a…
CA District Court: Insurance Policy Covering Securities Claims May Extend to SOX Whistleblower Claims
A recent California district court addressed the question of whether, for insurance coverage purposes, a SOX whistleblower claim is a “securities claim,” and answered that question in the affirmative. Skye Bioscience v. PartnerRe Ireland Insurance DAC, No. 23-cv-01218.
Section…
SEC Announces $18 Million Award to Whistleblower
On August 25, 2023, the SEC announced an award of more than $18 million to a whistleblower who first reported misconduct internally and subsequently provided information and assistance that led to a successful SEC enforcement action. (The order granting the…
SEC Awards Seven Whistleblowers More Than $104 Million
On August 4, 2023, the SEC announced payment of more than $104 million to seven whistleblowers who provided the SEC with information and assistance that led to successful enforcement actions by the SEC and another agency (the order granting the…
Illinois Federal Court Grants Employer Summary Judgment on Several Types of Whistleblower Retaliation Claims
On May 5, 2023, the U.S. District Court for the Northern District of Illinois granted a defendant-employer’s motion for summary judgment on whistleblower retaliation claims, holding that the company demonstrated that it would have terminated Plaintiff’s employment even in the…