U.S. Commodity Futures Trading Commission Awards Record $10 Million to Whistleblower

Saul Ewing LLP

The U.S. Commodity Futures Trading Commission (CFTC) announced on April 4, 2016 that it awarded over $10 million to a whistleblower.  This is the largest award made by the CFTC’s Whistleblower Program. 
The development serves as an important reminder.  Companies are generally aware of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the protections and incentives it provided to whistleblowers, but they perceive Dodd-Frank as an extension of the SEC.  This CFTC award brings Section 748 of Dodd-Frank into focus.  Section 748, codified at 7 U.S.C. §26, empowered the CFTC to protect and reward whistleblowers.  It also authorized the CFTC to refer confidential whistleblower information to DOJ, any other federal agency, State Attorney Generals, and any State agency.  
In short, Section 748 expanded both the breadth of companies governed by Dodd-Frank’s whistleblower protections and the universe of law enforcement agencies with access to the information.

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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