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LinkedIn Pays Nearly $6 Million After US Labor Department Investigation

After being investigated by the US Labor Department for violations of the Fair Labor Standards Act, LinkedIn has been forced to pay out nearly $6 million in damages and unpaid overtime to 359 employees....more

Quarterly Whistleblower Award Update

The SEC Will Not Award Whistleblowers Who Provide Frivolous Information. The SEC determined that a claimant (who submitted “tips” relating to almost every single Notice of Covered Action”) was ineligible for awards because...more

Happy Birthday Dodd-Frank: The Whistleblower Program Milestones and How They’ve Impacted Business Ethics Training

Did you have some cake? Break out the balloons? While it’s hard to believe, it is true. Our little Dodd-Frank, signed into law by President Obama in 2010, is already four years old and about ready for pre-school. Although we...more

What’s Happening with Whistleblowing?

This summer the SEC and the Wall Street Journal have reported several noteworthy items concerning the SEC’s whistleblower program, one of the most controversial components of the Dodd-Frank Act of 2010....more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws....more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws. ...more

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

SEC Waives Whistleblower Eligibility Requirements to Issue $400,000 Award

On July 31, the U.S. Securities and Exchange Commission (SEC or Commission) issued a $400,000 whistleblower award to an individual who provided information leading to a successful SEC enforcement action. The SEC’s...more

Shuffleboard, Early Bird Specials, and . . . Whistleblowing?

When most employers hear the word “whistleblower,” they think of their current employees and various anti-retaliation laws; however, under the SEC’s “Whistleblower Program,” the “whistleblower” may be a current or former...more

SEC Rulings Remind Whistleblowers of the Importance of Procedure

Proper procedures are of the utmost importance for whistleblowers seeking to gain legal protections and financial rewards for their disclosures. The mere fact that you provided information that saved the government millions...more

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

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

What Should the Trustee of a Private ESOP Do?

The Department of Labor (DOL) recently entered into an agreement with GreatBanc Trust Company settling claims relating to its service as trustee of an employee stock ownership plan (ESOP) holding stock of a private company....more

DOL Settlement Is a Cautionary Tale for ESOP Trustees

The Department of Labor (DOL) recently settled a case involving an employee stock ownership plan (ESOP) that provides guidance but also a warning for trustees and employers contemplating ESOP transactions that later go awry....more

SEC's Enforcement Action Against Hedge Fund Adviser for Retaliation Against a Whistleblower Highlights Challenges Employers Face

After repeated warnings over the last few years that it had both the authority and willingness to do so, on June 16, 2014, the SEC brought its first enforcement action for retaliation against a whistleblower under the...more

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

CFTC Hands Out First Whistleblower Award

The Commodity Futures Trading Commission has announced the first award under its whistleblower program. The CFTC will pay an anonymous recipient approximately $240,000 for providing information about violations of the...more

U.S. Commodity Futures Trading Commission Issues First Whistleblower Award

On Monday, May 19, 2014, the U.S. Commodity Futures Trading Commission (“CFTC”) issued its first award to a whistleblower under its Dodd-Frank bounty program. ...more

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

CFTC Announces First Whistleblower Award

The U.S. Commodity Futures Trading Commission’s whistleblower program was created as part of the Dodd-Frank Act. Under the program, the CFTC will provide awards to whistleblowers who report violations of the Commodity...more

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

CFTC Issues First Whistleblower Award

On Monday, May 19, 2014, the CFTC issued its first award to a whistleblower under its Dodd-Frank bounty program. The Commission will pay $240,000 to an unidentified whistleblower who “voluntarily provided original...more

Whistleblower retaliation exposes Playboy to $6 million liability

A federal jury recently ordered Playboy Enterprises to pay $6 million to a former accounting executive who was wrongfully terminated in retaliation for blowing the whistle internally on what she perceived was improper...more

First SEC Whistleblower Receives Additional $150,000 Payout

Two years after issuing its first payout under the whistleblower provisions of the Dodd-Frank Act of 2010, aggressive collection efforts by the Securities and Exchange Commission (SEC) have recovered an additional $500,000...more

Supreme Court Expands Sarbanes-Oxley Whistleblower Protection to Employees of Private Companies

In 2002, after corporate fraud at Enron led to the company's collapse, Congress passed the Sarbanes-Oxley Act (SOX). Under SOX's main whistleblower protection provision, an employee of a publicly traded company who claims...more

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