Lloyd B. Chinn

Lloyd B. Chinn

Proskauer Rose LLP

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New York Times Discusses the Growth of Whistleblower Programs

As federal agencies dole out record-breaking awards to tipsters (such as the SEC’s recent $30 million award), whistleblower programs remain a topic of public interest. Earlier this month, The New York Times published an...more

12/23/2014 - DOJ Enforcement Actions IRS New York Times SEC Whistleblower Awards Whistleblowers

Highlights of SEC’s 2014 Annual Report

On November 17, 2014, the Securities and Exchange Commission’s Office of the Whistleblower (“OWB”) released its fourth Annual Report on the Dodd-Frank Whistleblower Program to Congress, which details information on OWB’s...more

11/20/2014 - Annual Reports Dodd-Frank SEC Whistleblower Awards Whistleblower Protection Policies

Court Follows 5th Circuit Asadi Decision, Dismisses Dodd-Frank Whistleblower Claim

The U.S. District Court for the Eastern District of Wisconsin in Verfuerth v. Orion Energy Systems, Inc., No. 14-cv-352 (E.D. Wis. Nov. 4, 2014) recently ruled that the Dodd-Frank whistleblower protection provision does not...more

11/12/2014 - Dodd-Frank Federal Rule 12(b)(6) Federal Rules of Civil Procedure SEC Whistleblower Protection Policies Whistleblowers

FINRA Again Cautions Against Confidentiality Provisions Silencing Whistleblowers

As reported this week by Law360 (subscription required), the Financial Industry Regulatory Authority (FINRA) recently issued a reminder (Regulatory Notice 14-40) warning firms against the use of confidentiality provisions in...more

10/20/2014 - Compliance Confidentiality Agreements Employer Liability Issues FINRA SEC Whistleblower Protection Policies Whistleblowers

SDNY Dismisses Extraterritorial SOX and Dodd Frank Whistleblower Claims

Failing to heed a powerful message from the Second Circuit, overseas plaintiffs are continuing to seek to pursue SOX and Dodd-Frank whistleblower claims. On September 30, 2014, the Southern District of New York in Ulrich v....more

10/17/2014 - Anti-Retaliation Provisions Dismissals Dodd-Frank Extraterritoriality Rules Moody's Sarbanes-Oxley Whistleblowers

Larger Rewards For Wall Street Whistleblowers May Be On The Horizon

As reported by the Wall Street Journal, the Obama administration will seek to remove the $1.6 million cap on rewards to whistleblowers who provide evidence of criminal conduct by financial executives under the 1989 Financial...more

9/18/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions FIRREA Popular SEC Whistleblower Awards Whistleblowers White Collar Crimes

SEC Issues Whistleblower Award, Waives Voluntary Requirement

The Securities and Exchange Commission (SEC) decided that a whistleblower who did not “voluntarily” provide information to the SEC was nonetheless eligible to receive a monetary award of $400,000. The whistleblower’s...more

8/8/2014 - Popular SEC Whistleblower Awards Whistleblowers

SEC Denies Whistleblower Award Claim for Harbinger-Falcone Recovery

As recently reported by Ed Benson of Law 360, on July 4th, 2014, the United States Securities and Exchange Commission (the “SEC” or “Commission”) issued a final order that denied a whistleblower award claim on the $18 million...more

7/30/2014 - CEOs Harbinger Capital Partners LLC SEC Whistleblower Awards Whistleblowers

Watchdogs Petition SEC to Strengthen Prohibitions Against Impeding Complaints to SEC

On July 18, 2014, a coalition of plaintiff-side lawyers and government watchdog groups proposed ways to strengthen the SEC whistleblower program in two petitions filed with the SEC. The groups urged the SEC to update Rule...more

7/25/2014 - Confidentiality Agreements Corporate Counsel Employment Contract Non-Disclosure Agreement Petitions for Review SEC Severance Agreements Whistleblower Protection Policies Whistleblowers

SEC Brings First Dodd-Frank Anti-Retaliation Case

The SEC recently issued an Order against Paradigm Capital Management, Inc. (Paradigm), a registered investment adviser, and its principal for allegedly engaging in principal trades without effective client disclosure and...more

6/27/2014 - Dodd-Frank Enforcement Actions Retaliation SEC

UK Whistleblowing Protection Extended to Partners

In the UK, whistleblowing law is based on a statute prohibiting a “worker” being dismissed or subjected to any other detriment because of having made a “protected disclosure”. Until this week, the general view was that the...more

5/24/2014 - Employment Tribunals Partnerships UK Whistleblower Protection Policies Whistleblowers

SEC Denies Enforcement Action Award for Failure to Timely File Claim; Narrowly Defines “Extraordinary Circumstances” Exception

As reported by Rachel Ensign of the Wall Street Journal, the Securities and Exchange Commission (“SEC”) recently denied a whistleblower-claimant a Commission enforcement action award where the claimant failed to file timely...more

5/22/2014 - Compliance Enforcement Enforcement Actions Filing Deadlines Filing Requirements SEC

$53 Million Paid To IRS Whistleblowers in 2013

As reported by The Washington Post, on April 4, 2014, the IRS issued its “Fiscal Year 2013 Report to the Congress on the Use of Section 7623” revealing that it paid whistleblowers $53 million in 2013. The agency said that it...more

4/9/2014 - IRS Whistleblower Awards

SEC Scrutinizing Contractual Impediments to Whistleblower Complaints

Sean McKessy (“McKessy”), the Securities and Exchange Commission’s (“SEC”) whistleblower chief, cautioned in-house attorneys who draft contracts incentivizing employees to report securities fraud complaints in-house rather...more

3/17/2014 - Corporate Counsel Retaliation SEC Securities Fraud Whistleblower Protection Policies Whistleblowers

U.S. Supreme Court Extends SOX's Whistleblower Protection To Employees of Publicly Traded Company's Contractors

On March 4, 2014, the United States Supreme Court decided Lawson v. FMR LLC, holding that SOX's whistleblower protection extends to employees of a publicly traded company's contractors and subcontractors. Lawson v. FMR LLC,...more

3/7/2014 - Contractors Fidelity Investments FMR LLC Lawson v FMR Sarbanes-Oxley SCOTUS Subcontractors Whistleblower Protection Policies Whistleblowers

U.S. Supreme Court Extends SOX’s Whistleblower Protection To Employees of Publicly Traded Company’s Contractors

On March 4, 2014, the United States Supreme Court in Lawson v. FMR LLC held that SOX’s whistleblower protection extends to employees of a publicly traded company’s contractors and subcontractors. Lawson v. FMR LLC, 572 U.S....more

3/5/2014 - Contractors Employee Definition Fidelity Investments FMR LLC Lawson v FMR Sarbanes-Oxley SCOTUS Securities Exchange Act Subcontractors Whistleblowers

UK Whistleblowing – tips on the rise and the possibility of bounty

Whistleblowing tips reported to the Financial Conduct Authority (the “FCA”), one of the UK bodies with responsibility for regulating the financial services industry, have increased 35 per cent in the past 12 months according...more

2/19/2014 - Compliance Employer Liability Issues FCA UK Whistleblowers

Fifth Circuit Finds No Protected Activity under SOX, Mum on Extraterritoriality

In Villanueva v. United States Department of Labor, No. 12-60122, 2014 WL 550817 (5th Cir. Feb. 12, 2014), the Fifth Circuit Court of Appeals held that the petitioner had not engaged in protected activity under Section 806 of...more

2/14/2014 - Dodd-Frank Extraterritoriality Rules Protected Concerted Activity Sarbanes-Oxley

OSHA Introduces New Online Whistleblower Complaint Form

As first reported by Law 360 reporter Kat Greene on December 5, 2013, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) unveiled a new online complaint form to complement its telephone...more

12/10/2013 - OSHA Whistleblowers

Record-breaking $14m Payout Highlight of SEC’s Annual Report

On November 15, 2013, the Securities and Exchange Commission’s (SEC) Office of the Whistleblower (OWB) released its third Annual Report on the Dodd-Frank Whistleblower Program to Congress, which details information on OWB’s...more

11/20/2013 - SEC Whistleblower Awards Whistleblowers

U.S. Supreme Court Considers the Scope of SOX’s Whistleblower Provision

On November 12, 2013, the United States Supreme Court heard oral argument in Lawson v. FMR LLC to decide whether Sarbanes-Oxley’s whistleblower protection extends to employees of a publicly traded company’s contractors. ...more

11/13/2013 - Sarbanes-Oxley SCOTUS Whistleblower Protection Policies Whistleblowers

SDNY Says No Extraterritorial Application For Dodd-Frank Anti-Retaliation Provision

In Liu v. Siemens A.G., No. 13 Civ. 317 (WHP), slip op. (S.D.N.Y. Oct. 21, 2013), the U.S. District Court for the Southern District of New York held that the anti-retaliation protections found in Section 922 of the Dodd-Frank...more

10/23/2013 - Anti-Retaliation Provisions Dodd-Frank Employer Liability Issues Extraterritoriality Rules Multinationals Retaliation Whistleblowers

New York Lawyers Generally Cannot Seek Bounties Under Dodd-Frank, Says New York Ethics Committee

The New York County Lawyers Association Committee on Professional Ethics released Formal Opinion 746 on October 7, in which the Committee considered whether New York lawyers can ethically collect bounties for submitting...more

10/11/2013 - Confidential Information Dodd-Frank Legal Ethics Whistleblower Awards Whistleblowers

Watch Out for “Watchdogs”: The N.J. Appellate Division Expressly Expands CEPA Protection To a New Class of Employees

On September 4, 2013, the New Jersey Appellate Division in Lippman v. Ethicon, Inc., Docket No. L–9025–06, 2013 WL 4726834 (App. Div. September 04, 2013), reversed a ruling by the Superior Court, Law Division granting summary...more

9/26/2013 - CEPA Hiring & Firing Johnson & Johnson Safety Precautions Whistleblowers

U.S. Supreme Court to Decide Whether SOX’s Whistleblower Provision Protects Employees of Publicly Traded Company’s Contractors

On May 20, 2013, the United States Supreme Court granted a petition for a writ of certiorari to review the United States Court of Appeals for the First Circuit’s decision holding that SOX’s whistleblower protection does not...more

5/21/2013 - Contractors OSHA Publicly-Traded Companies Retaliation SCOTUS Whistleblowers

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