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Blog: Director Of SEC Whistleblower Office To Staff: I Want To Pump You Up* To Find Whistleblower Retaliation Cases

According to Law360, the director of the SEC’s whistleblower office, Sean McKessy, is exhorting the staff of that office to set a high priority on cases involving employer retaliation for whistleblower complaints. During an...more

Final Disclosure Rules Regarding Women on Boards and in Senior Management

TSX-listed companies will almost certainly need to include disclosure in their information circulars or annual information forms on the representation of women on their boards and in senior management for the 2015 proxy...more

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

New Disclosure Rules Regarding Women on Boards to be Effective for 2015 Proxy Season

New disclosure rules regarding the representation of women on the boards and in senior management of public companies, and director term limits, will come into effect December 31, 2014. Disclosure will be required for...more

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

Government's Message to Corporate America — "We Want Your Whistleblowers!"

On September 22, 2014, the Securities and Exchange Commission's (SEC) Office of the Whistleblower announced that it had issued a $30 million bounty payment to a foreign whistleblower. This award is more than double the...more

SEC Announces Largest Whistle-Blower Award In Program’s History

On September 22, the SEC announced that it expects to award more than $30 million to a whistleblower who provided key information in connection with an ongoing fraud enforcement action. The award will be the largest to date...more

SEC Takes Action for Retaliation Against Whistleblower

The SEC has brought its first enforcement action for alleged retaliation against a whistleblower under the SEC’s Dodd-Frank whistleblower rules. The case demonstrates the Hobson’s choice companies face when they become aware...more

$30 million payout awarded to Whistleblower

Let's imagine this scenario... You're an employee with an organization - have been for many years. You're loyal, friendly, and you care about the future of your employer and its business success. Now imagine...more

Legal Alert: Largest SEC Whistleblower Award Could Have Been Larger

On September 22, 2014, the U.S. Securities and Exchange Commission announced the largest-ever whistleblower award, more than double last year’s record-breaking award. According to the Order, the award, which will likely...more

SEC Puts Their Money Where Their Mouth Is: $30 Million Awarded to Whistleblower

On September 22, 2014, the SEC announced its largest whistleblower award to date under its Dodd-Frank whistleblower bounty program. It awarded $30-$35 million to an anonymous whistleblower who the Commission said provided...more

United States: U.S. Supreme Court Dramatically Expands Whistleblower Law

On March 4, 2014, the U.S. Supreme court in Lawson v. FMR, LLC, 134 S.Ct. 1158, held in a 6-3 decision that employees of a private company that is a contractor or subcontractor of public company are entitled to whistleblower...more

SEC Announces $30 Million-Plus Whistleblower Award

The SEC announced an expected award of more than $30 million to a foreign whistleblower who provided “key original information” that led to a successful enforcement action by the agency. The award will be the largest made by...more

More Women on Boards: It’s the Economy, Stupid

Earlier this month, the editors of Bloomberg published “Companies Can’t Afford Not to Have Women on Boards,” an editorial that advocated the importance of increasing the number of women directors, contending that the paucity...more

Federal Appeals Court Says Dodd-Frank Does Not Protect Overseas Whistleblowers

The U.S. Court of Appeals for the Second Circuit has ruled that the Dodd-Frank Act does not protect whistleblowers outside the United States. In Liu Meng Lin v. Siemens AG, Case No. 13-4385-cv (2nd Cir. August 14,...more

Court of Appeals asked to clarify scope of Dodd-Frank Act whistleblower protections

A federal court of appeals has been asked to clarify the scope of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010’s (“Dodd-Frank” or “Act”) whistleblower protections. Specifically, the court has been...more

Federal Appeals Court Affirms Dodd-Frank Whistleblower Protections Do Not Apply Outside U.S.

On August 14, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s holding that the Dodd-Frank Act’s antiretaliation provision does not apply extraterritorially. Liu Meng-Lin v. Siemens AG, No....more

Freedom to Retaliate against Foreign Whistleblowers May Not Be as Much Fun as It First Appears

What I’m about to say is grossly oversimplified, but here goes: The Dodd-Frank Act’s whistleblower provisions have two primary prongs. The first says that an individual who voluntarily provides the SEC with original...more

Made for the U.S.A Only: Second Circuit Holds That the Dodd-Frank Act’s Antiretaliation Provision Applies Only Domestically

According to the SEC, in fiscal year 2013, foreign whistleblowers accounted for 404 of the 3,238 whistleblower reports received by the SEC (nearly 12%). Recently, the Second Circuit Court of Appeals may have significantly...more

Are More SEC Protections on the Way for Whistleblowers?

A pro-whistleblower coalition comprising organizations including the Government Accountability Project, the Project on Government Oversight and more is in the news for pressuring the Securities and Exchange Commission (SEC)...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

SEC Brings First Whistleblower Anti-Retaliation Enforcement Action

On June 16, 2014, the U.S. Securities and Exchange Commission (SEC) resolved its first whistleblower retaliation enforcement action. The SEC’s order against Paradigm Capital Management, Inc. is the first-ever enforcement...more

The Supreme Court Extends SOX Whistleblower

On its face, the Sarbanes-Oxley Act of 2002 (“SOX”) is concerned with the conduct of publicly-traded, not privately-held, companies. SOX, after all, grew out of the scandalous and widely damaging failures of public companies...more

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

8th Circuit to Determine Scope of Dodd-Frank Whistleblower Claim

The United States District Court for the District of Nebraska has certified a question for interlocutory appeal to the Eighth Circuit in the case of Bussing v. COR Clearing, LLC (8:12-cv-238). The question involves whether...more

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