Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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SEC Bolsters Whistleblower Anti-Retaliation Rules Through Interpretive Guidance

There has been a debate about whether a whistleblower must report information about a violation of securities laws to the SEC, as opposed to internal reporting, to qualify for protection under the anti-retaliation provisions...more

8/5/2015 - Anti-Retaliation Provisions Dodd-Frank Internal Reporting Popular Rule 21F SEC Securities Exchange Act Whistleblowers

One Tardy Whistleblower Wins SEC Award, One Loses

The SEC announced a whistleblower award of more than $3 million to a company insider whose information helped the SEC crack a complex fraud. The multi-million dollar payout is the third highest award to date under the SEC’s...more

7/20/2015 - Dodd-Frank Enforcement Actions SEC Whistleblower Awards Whistleblowers

SEC Makes Whistleblower Award in Connection With Retaliation Case

The SEC announced a maximum whistleblower award payment of 30 percent of amounts collected in connection with In the Matter of Paradigm Capital Management, Inc. and Candace King Weir, File No. 3-15930 (June 16, 2014), the...more

4/29/2015 - Employer Liability Issues Enforcement Actions Retaliation SEC Whistleblower Awards Whistleblowers

SEC Finds Confidentiality Agreements Violates Whistleblower Rules

The SEC announced its first enforcement action against a company for using improperly restrictive language in confidentiality agreements with the potential to stifle the whistleblowing process....more

4/2/2015 - Civil Monetary Penalty Confidentiality Agreements Enforcement Actions Kellogg Brown & Root Neither Admit Nor Deny Settlements SEC Whistleblowers

2nd Circuit Upholds SEC’s Denial of Whistleblower Award

Larry Stryker petitioned the Second Circuit for review of an order of the SEC that denied his claim for a whistleblower award. He sought the award under Section 21F of the Dodd-Frank Act based on information he supplied to...more

3/16/2015 - Dodd-Frank Enforcement Enforcement Actions SEC Whistleblower Awards Whistleblowers

Three Dodd-Frank Whistleblower Anti-Retaliation Claims Fail

Courts recently issued three opinions on the whistleblower anti-retaliation provisions of the Dodd-Frank Act. In Murray v. UBS Securities, LLC, Mr. Murray claimed he was terminated because he refused to skew his...more

3/4/2015 - Anti-Retaliation Provisions CFPB Dodd-Frank Injunctive Relief Mortgage-Backed Securities Popular Sarbanes-Oxley Termination UBS Whistleblowers

Revealing Whistleblower’s Identity is Retaliation

The United States Court of Appeals for the Fifth Circuit held that revealing a whistleblower’s identity is prohibited retaliation under the Sarbanes-Oxley Act in Halliburton, Inc. v. Administrative Review Board, United States...more

11/17/2014 - Adverse Employment Action Appeals DOL Halliburton Retaliation Sarbanes-Oxley Whistleblowers

FINRA Reminds Anti-Whistleblower Provisions Are Not Permitted in Settlement Agreements

FINRA has published a regulatory notice where it reminds firms that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

10/16/2014 - Arbitration Dodd-Frank FINRA Non-Judicial Settlement Agreements Settlement Whistleblower Protection Policies Whistleblowers

Yes, Foreigners Can be Whistleblowers

The SEC announced that its largest ever whistleblower award estimated to be worth more than $30 million will be paid to a resident of a foreign country. While the eligibility of foreign residents for a whistleblower award...more

9/23/2014 - Anti-Retaliation Provisions Appeals Employer Liability Issues Foreign Nationals SEC Securities Exchange Act Whistleblower Awards Whistleblowers

SEC Fights Off Phony Whistleblower Submissions

As might have been expected, some will go to great lengths to claim they are entitled to a whistleblower reward based on suspect evidence. An example is this Commission order denying a whistleblower award to one person,...more

9/2/2014 - SEC Whistleblower Awards Whistleblowers

SEC Waives Rule and Reverses Course to Grant Whistleblower Windfall

In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more

8/1/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions SEC Self-Regulatory Organizations Whistleblower Protection Policies Whistleblowers

SEC: Don’t Ignore the Habitually Wrong Whistleblower

SEC Chair Mary Jo White recently gave a speech on a number of important matters, including the role of directors as gatekeepers, her views of self-reporting of violations and the SEC’s whistleblower program. In the speech...more

6/25/2014 - Board of Directors Directors Mary Jo White SEC Whistleblowers

Don’t Ask a Whistleblower to Investigate the Conduct Reported to the SEC

The SEC recently charged a hedge fund advisory firm, which we refer to as the employer, for the first time using its new authority to bring anti-retaliation enforcement actions. The head trader for the employer reported to...more

6/17/2014 - Compliance Enforcement Enforcement Actions Retaliation SEC Whistleblowers

CFTC To Make First Whistleblower Award For $240,000 — But Why?

The CFTC has a whistleblower award program that is separate from, but somewhat similar to, the SEC’s whistleblower award program. Both are mandated by the Dodd-Frank Act. The CFTC has announced that the agency will...more

5/21/2014 - CFTC Dodd-Frank SEC Whistleblower Awards Whistleblowers

Whistleblower Doesn’t Have To Report To SEC For Dodd-Frank Protection

In Yang v. Navigators Group, Inc. (S.D.N.Y. 2014), the court held the Dodd-Frank anti-retaliation statute does not clearly and unambiguously limit whistleblower protection to individuals who report violations to the SEC where...more

5/13/2014 - Anti-Retaliation Provisions Dodd-Frank Sarbanes-Oxley Whistleblower Protection Policies Whistleblowers

OSHA Publishes Interim Rule For Handling Whistleblower Retaliation Complaints

OSHA has published the interim final text of regulations governing the employee protection (or whistleblower) provisions of the Consumer Financial Protection Act of 2010, or CFPA, Section 1057 of the Dodd-Frank Wall Street...more

4/5/2014 - ALJ CFPB OSHA Retaliation Whistleblower Protection Policies Whistleblowers

Whistleblowers Can Now File Complaints Online With OSHA

Whistleblowers covered by one of 22 statutes (including Sarbanes-Oxley and Dodd-Frank) administered by the U.S. Department of Labor’s Occupational Safety and Health Administration will now be able to file complaints online. ...more

12/6/2013 - Dodd-Frank DOL OSHA Sarbanes-Oxley Whistleblowers

SEC Discloses Facts In 2013 Annual Whistleblower Report

The SEC has released its 2013 Annual Report to congress on the Dodd-Frank Whistleblower Program. Setting aside the SEC chest pounding, this is the first year for which the SEC has year-over-year data concerning the nature of...more

11/18/2013 - SEC Whistleblowers

Whistleblower Not Entitled To Jury Trial

In Pruett v BlueLinx Holdings, Inc., decided by the United States District Court for the Northern District of Georgia (1:13-cv-02607), the court held that a whistleblower suing under Dodd-Frank’s non-retaliation provisions...more

11/14/2013 - Anti-Retaliation Provisions Dodd-Frank Jury Trial Whistleblowers

SEC Whistleblowers To Receive $125,000

The SEC previously awarded three whistleblowers in a hedge fund case an aggregate of 15% of certain funds collected. The SEC has announced that approximately $170,000 has been administratively forfeited by the defendant...more

9/2/2013 - Hedge Funds SEC Whistleblower Awards Whistleblowers

Courts Begin To Split On Whistleblower Protection

The Fifth Circuit has held in Asadi v. G.E. Energy (USA), LLC that a whistleblower must provide information to the SEC in order to be protected by the Dodd-Frank anti-retaliation provisions. ...more

7/22/2013 - Anti-Retaliation Provisions Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

SEC Denies Another Whistleblower Claim

The SEC has denied granting an award to another whistleblower in the second action of this year....more

7/5/2013 - Dodd-Frank SEC Whistleblowers

SEC Awards And Denies Whistleblower Claims In Hedge Fund Case

On October 26, 2011, the Commission filed an enforcement action in SEC v. Andrey C. Hicks and Locust Offshore Management, LLC, 1:11-cv-11888-RGS (D. Mass. 2011) (the “Locust Matter”). ...more

6/13/2013 - Enforcement Fraud Hedge Funds SEC Whistleblowers

Court Finds Internal Reporting By Whistleblower Entitled To Dodd-Frank Protections

In Murray v. UBS Securities LLC et al (12-CV-5914 S.D.N.Y.) the court found that an employee who reports violations of securities laws to his supervisor, but not the SEC, is entitled to the anti-retaliation protections for...more

5/24/2013 - Dodd-Frank Reporting Requirements SEC Whistleblowers

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