The Development: On August 1, 2024, the Department of Justice's ("DOJ") Criminal Division announced its Corporate Whistleblower Awards Pilot Program ("Pilot Program"), designed to reward whistleblowers who report information...more
8/20/2024
/ CFTC ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Healthcare Fraud ,
Money Laundering ,
Pilot Programs ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers ,
White Collar Crimes
The Background: In August 2022, the United States Court of Appeals for the Second Circuit held in Murray v. UBS Securities, LLC., et al. ("Murray") that an employee suing his employer under the anti-retaliation provisions of...more
2/19/2024
/ Adverse Employment Action ,
Anti-Retaliation Provisions ,
Burden of Proof ,
Certiorari ,
Employees ,
Employer Liability Issues ,
Murray v UBS Securities LLC ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Whistleblower Protection Policies ,
Whistleblowers
The recently created SDNY Whistleblower Pilot Program encourages individuals to self-disclose certain criminal conduct and cooperate in resulting investigations and prosecutions.
...more
2/8/2024
/ Anti-Corruption ,
Corruption ,
Criminal Investigations ,
Criminal Liability ,
Department of Justice (DOJ) ,
New York ,
Non-Prosecution Agreements ,
Pilot Programs ,
Self-Disclosure Requirements ,
Whistleblower Protection Policies ,
Whistleblowers ,
White Collar Crimes
SEC Whistleblower Awards to 40 individuals in 2021 surpass total awards in fiscal year 2020.
On March 29, 2021, the Securities and Exchange Commission ("SEC") announced an award of more than $500,000 to a whistleblower who...more
The Kleptocracy Asset Recovery Rewards Act ("KARRA") authorizes a U.S. Treasury Department ("Treasury") pilot program aimed at rewarding whistleblowers who provide information leading to the restraint, seizure, forfeiture, or...more
The highest award in the history of the SEC whistleblower program is issued to an employee who repeatedly reported misconduct internally before alerting the SEC.
On October 22, 2020, the U.S. Securities and Exchange...more
Companies should consider review of their compliance programs and procedures for addressing internal complaints or tips of potential misconduct.
On September 23, 2020, the Securities and Exchange Commission ("SEC") adopted...more
9/29/2020
/ Anti-Retaliation Provisions ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Internal Reporting ,
Policies and Procedures ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
New efforts by states to incentivize whistleblowers financially underscore the importance of comprehensive corporate compliance programs that effectively address all internal reports of potential misconduct that may...more
8/18/2020
/ Anti-Retaliation Provisions ,
CFTC ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Hedge Funds ,
NASAA ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Protection Policies ,
Whistleblowers
The Situation: The Securities and Exchange Commission ("SEC") has announced a string of substantial whistleblower awards totaling $54 million since April 1, 2020.
The Result: The financial incentives for employees or third...more
The U.S. Supreme Court unanimously held in Digital Realty Trust, Inc. v. Somers that whistleblowers must report alleged misconduct to the Securities and Exchange Commission in order to benefit from Dodd-Frank's...more
2/26/2018
/ Anti-Retaliation Provisions ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Internal Reporting ,
Reporting Requirements ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Protection Policies ,
Whistleblowers