Potential Circuit Split Creates an Uncertain Future for Whistleblower Protection of Internal Reporting: Asadi v. G.E. Energy (USA), LLC, (5th Cir. Jul. 17, 2013) versus Murray v. UBS Securities, LLC and UBS AG, (S.D.N.Y. May 21, 2013)


The Dodd-Frank Whistleblower Program -

The Dodd-Frank Act amended the Securities Exchange Act of 1934 by creating protections and rewards for anyone who provides information that helps the SEC in enforcing the law. Section 922 directs the SEC to provide monetary awards, ranging from 10 percent to 30 percent of the monetary sanctions collected, to individuals who voluntarily provide original information that leads to SEC enforcement actions resulting in sanctions in excess of US$1 million. The Office of the Whistleblower Program (“OWP”) was established to administer this new program, using regulations put in place by the SEC as of August 2011.

In fiscal year 2012, the first full year of OWP operation, 3,001 tips and complaints were received, mostly relating to corporate disclosures and financial statements as well as fraud relating to securities offerings, from 49 countries and all 50 states.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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