News & Analysis as of

SEC Enforces First-Ever Dodd-Frank Whistleblower Retaliation Claim

The U.S. Securities and Exchange Commission recently entered into a $2.2 million settlement agreement with Paradigm Capital Management Inc. and its owner Candace King Weir, in its first-ever action enforcing whistleblower...more

SEC Makes First Finding of Retaliation in Violation of the Exchange Act’s Anti-Retaliation Rule

On June 16, 2014, the SEC entered an order (the “Order”) instituting cease and desist proceedings against an investment adviser, Paradigm Capital Management, Inc. (“Paradigm”), and Paradigm’s founder, Director, President,...more

SEC Files First Antiretaliation Enforcement Case Against Hedge Fund Advisory Firm

In a first of its kind case, the SEC last week charged an investment adviser to a hedge fund with, among other things, retaliating against an employee who reported allegedly illegal trading activity to the agency. The SEC...more

SEC Launches First Whistleblower Retaliation Case Under Dodd-Frank

On June 16, 2014, the U.S. Securities and Exchange Commission (SEC) initiated and resolved its first case charging an employer with unlawfully retaliating against a securities whistleblower under the Dodd-Frank Wall Street...more

Investment Adviser Charged For Demoting Whistleblower in SEC’s First Anti-Retaliation Case

Investment adviser and its owner settle SEC enforcement action for nearly US$2.2 million. On June 16, 2014, the US Securities and Exchange Commission issued a cease and desist order and assessed a US$300,000 civil...more

If You See Something, Say Something, But Maybe Only To The SEC

A debate has been raging in the courts over whether an employee who reports suspected misconduct only to his employer but not to the U.S. Securities and Exchange Commission (“SEC”) is a “whistleblower” entitled to the...more

Something Old, Something New: SEC Brings Action for Prohibited Principal Transactions and Retaliation Against Whistleblower

Clearly signaling its intention to support whistleblowers who provide actionable evidence of wrong-doing, the SEC this week settled the first case brought under the authority granted by the Dodd-Frank Act enabling...more

SEC Files First Whistleblower Retaliation Case

Well, you can’t say Sean McKessy didn’t warn you. The chief of the SEC’s whistleblower office has been warning for months at least that his group was looking to bring a stand-alone case enforcing the anti-retaliation...more

2014: A Big Year in Whistleblower Laws

The Securities and Exchange Commission (SEC) began the whistleblower program on July 21, 2010 to incentivize people to come forward with information about financial wrongdoing. Under the program, a whistleblower is entitled...more

Before The Whistle Blows: Understanding And Addressing The Expanding Scope Of Whistleblower Protections Under Sarbanes-Oxley And...

The Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) was enacted following the accounting scandals of the early 2000s involving Enron, WorldCom and other public companies. Congress passed the Dodd-Frank Wall Street Reform and...more

The SEC Whistleblower Program

On Oct. 1, 2013, the Securities and Exchange Commission (SEC) announced that it had awarded more than $14 million to an unidentified whistleblower who provided information leading to a successful enforcement action — by far...more

SEC’s Amicus Brief: Internal Whistleblower Reports Covered By Dodd-Frank Anti-Retaliation Provision

As we previously discussed, courts have struggled with determining the scope of the protections in Dodd-Frank’s anti-retaliation provisions. On the one hand, Dodd-Frank defines a “whistleblower” as any individual, or group of...more

Where the Whistle Blows: SEC Invites Circuit Split Over Reach of Dodd-Frank Anti-Retaliation Provision

The Securities and Exchange Commission recently weighed in on a whistleblower case pending in the Second Circuit, urging the court in Liu v. Siemens, A.G. to adopt the SEC’s interpretation of the Dodd-Frank Act’s...more

Courts confirm: Dodd-Frank whistleblowers must report to the SEC, Dodd-Frank whistleblower protections do not extend to conduct...

A recent decision by the Fifth Circuit Court of Appeals has confirmed that the anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act only confer protections to whistleblowers who report...more

When is a Whistleblower Not a Whistleblower?

Even though Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act more than three years ago, the basic question of who can claim the anti-retaliation protections of that law are less clear than ever....more

Employers Beware: Will The SEC Be A Safety Net For Terminated Whistleblowers?

Commentators, employers and especially whistleblowers have paid a tremendous amount of attention to the whistleblower bounty provisions of the Dodd-Frank Act. Much less attention has been paid to an SEC rule implementing the...more

Fifth Circuit Limits SEC Whistleblower Program

Antiretaliation provisions only protect employees that provide information on violations of the securities laws to the SEC. On July 17, the U.S. Court of Appeals for the Fifth Circuit issued a decision in Asadi v. G.E....more

Fifth Circuit Narrowly Construes the Definition of a Whistleblower under Dodd Frank

Underscoring the Importance of Robust Internal Reporting Programs - Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in 2010, the compliance, finance and legal communities...more

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

Fifth Circuit Defines "Whistleblower" Narrowly Under Dodd-Frank

On July 17, 2013, the Fifth Circuit issued the first circuit court decision interpreting Dodd-Frank’s anti-retaliation provision....more

Whistleblower Law Developments

On July 17, 2013, the Fifth Circuit issued the first circuit court decision interpreting Dodd-Frank’s anti-retaliation provision....more

More coming soon? Latest SEC tipster award highlights risk for hedge funds, private equity firms

The SEC has issued its second-ever whistleblower award. The award went to three anonymous individuals, each of whom will receive 5 percent of the monetary sanctions ultimately collected in a case against hedge fund manager...more

Will the Latest Opinion by A District Court Adopting a Broad Definition of Who is a Whistleblower Encourage More Internal...

On Tuesday, another New York federal district court ruled that an employee need not report a disclosure directly to the Securities and Exchange Commission (“SEC”) to be afforded the protections under the anti-retaliation...more

The Dodd-Frank Whistleblower Program: An Analysis of the SEC’s Second Annual Report, Best Practices for Dealing with...

I. Introduction On November 15, 2012, the Securities and Exchange Commission ("SEC" or "the Commission") issued its Second Annual Report on the Dodd-Frank Whistleblower Program ("the Report"), covering the period...more

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