On November 23, 2021, the SEC issued an award of $400,000 to a whistleblower who voluntarily provided the SEC with original information that assisted the agency in bringing a successful enforcement action that resulted in the termination of an ongoing
Proskauer Whistleblower Defense
The Proskauer Whistleblower Defense blog, published by Proskauer Rose LLP, focuses on legal developments and case law related to whistleblower protections and retaliation claims. It covers topics such as statutory frameworks including the Sarbanes-Oxley Act (SOX), Dodd-Frank Act, Anti-Money Laundering Act (AMLA), Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), and the Federal Railroad Safety Act (FRSA). The blog discusses court rulings on procedural requirements, administrative prerequisites, burden-shifting frameworks, and enforcement challenges in whistleblower litigation. It also highlights significant settlements and strategic considerations for employers and employees involved in whistleblower disputes.
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SEC Releases FY 2021 Whistleblower Program Annual Report
On November 15, 2021, the SEC published its annual report to Congress covering the period from October 1, 2020 to September 30, 2021. The report was prepared by the SEC’s Office of the Whistleblower to summarize its whistleblower bounty program,…
CA District Court: Dodd Frank Whistleblower Provision Does Not Apply Extraterritorially
On June 28, 2021, the United States District Court for the Northern District of California granted the Company’s Rule 12(b)(6) motion to dismiss after an executive claimed he was discharged in violation of the Dodd-Frank Act’s (DFA) whistleblower protection provision…
New York’s Whistleblower Protection Law Is Dramatically Expanded
On October 28, 2021, New York Governor Kathy Hochul signed into law a bill dramatically expanding New York’s whistleblower statute, New York Labor Law § 740, which is scheduled to take effect on January 26, 2022. S4394A/A.5144A.
The Previous…
SEC Awards $40 Million to Two Whistleblowers
On October 15, 2021, 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…
SEC Announces $36 Million Award to Whistleblower
Over $1 Billion Whistleblower Awards Paid to Date by the SEC
By Rina Kim
On September 15, 2021, the SEC announced accumulated awards of over $1 billion paid to 207 whistleblowers since its first award in 2012. Over $500 million was awarded in fiscal year 2021 alone.
The SEC crossed the billion-dollar milestone with…
July 2021 Update of the SEC’s Covered Actions for Potential Whistleblower Claims
By Rina Kim
SEC Alleges Employer’s Compliance Manual Violates Rule 21F-17
On June 23, 2021, the SEC announced that Guggenheim Securities, LLC (“Company”) agreed to settle charges that it violated Rule 21F-17 by including language in its compliance manual and training materials that allegedly prohibited employees from contacting regulators without prior…
CA Federal Court Dismisses Whistleblower Claims After Bench Trial
On July 26, 2021, the United States District Court for the Northern District of California held, after a bench trial, that Plaintiff Botta failed to prove that Defendant PricewaterhouseCoopers LLP (“PwC”) terminated his employment in retaliation for his filing of…