News & Analysis as of

Enforcement Actions Contract Terms Whistleblowers

Ice Miller

As the Department of Justice Affirms and Advances Its Cyber-Fraud Initiative, Government Contractors Should Take Steps to Ensure...

Ice Miller on

While some areas of white-collar enforcement have been deprioritized by the Trump Administration, the Department of Justice (DOJ) remains committed to its Civil Cyber-Fraud Initiative as demonstrated by two recent False...more

BCLP

SEC Again Cracks Down on Companies That Restrict Whistleblowers

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As discussed in our December 15, 2023 client alert, the SEC has waged an aggressive effort to enforce alleged violations of the whistleblower protection rule.  On September 9, 2024, the SEC announced settled charges resulting...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

SEC Takes on Nondisclosure Agreements to Protect Whistleblower Program; Fines Firm $10 Million

The U.S. Securities and Exchange Commission (SEC) in recent years has taken an aggressive stance against employers over employment agreements that the agency believes impede its whistleblower program—as highlighted by a $10...more

Seyfarth Shaw LLP

SEC Continues to Police Confidentiality Provisions for Theoretical Whistleblower Suppression

Seyfarth Shaw LLP on

The Securities and Exchange Commission (“SEC”) levied an $18 million fine against J.P. Morgan Securities, LLC (“JPMS”) for allegedly including overbroad release provisions in settlement agreements. This marks the continuation...more

BakerHostetler

Employers Beware: Broad Confidentiality and Severance Clauses May Violate Whistleblower Protection Laws

BakerHostetler on

Employers should check their confidentiality and severance agreements for a common oversight that, for some, is becoming a costly error. Recent enforcement activity by the Securities and Exchange Commission (SEC) of Rule...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

SEC Fines Private Employer for Language in Employee Separation Agreements That Restricted Whistleblower Awards

The U.S. Securities and Exchange Commission (SEC) recently settled charges alleging that a company’s employee separation agreements restricted former employees from receiving monetary awards for reporting securities law...more

Womble Bond Dickinson

Recent Whistleblower Enforcement Actions Highlight SEC Focus On Employee Agreements

Womble Bond Dickinson on

In September, the U.S. Securities and Exchange Commission (the “SEC”) announced the settlement of three enforcement actions for violations of SEC whistleblower protection laws. In the actions, the SEC asserted that the...more

Holland & Knight LLP

SEC Settlements Over Whistleblower Protections Pile Up

Holland & Knight LLP on

As the SEC closed its fiscal year, it filed three separate enforcement actions against companies for purported violations of Rule 21F-17 under the Securities and Exchange Act of 1934, which prohibits persons from impeding...more

Proskauer - Whistleblower Defense

SEC Alleges Employer’s Compliance Manual Violates Rule 21F-17

On June 23, 2021, the SEC announced that Guggenheim Securities, LLC (“Company”) agreed to settle charges that it violated Rule 21F-17 by including language in its compliance manual and training materials that allegedly...more

Carlton Fields

Illinois Federal Court Finds Futures Traders Are Estopped From Avoiding Operating Agreement’s Arbitration Clause Where They Sought...

Carlton Fields on

A federal judge in the Northern District of Illinois ruled that Chicago derivatives firm DV Trading LLC can force three futures traders to arbitrate claims that it is withholding $1.6 million to defray a $5 million regulatory...more

Herbert Smith Freehills Kramer

SEC Accuses Issuer and CEO of Violating Whistleblower Protection Laws to Silence Investor Complaints

On Nov. 4, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Collectors Café and its CEO, Mykalai Kontilai, to add charges against defendants for alleged violations of whistleblower...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Continues Crackdown on Employer Whistleblower Restrictions

Takeaways: - SEC is targeting contract terms that appear to restrict contact with the SEC or require employee whistleblowers to waive monetary recoveries. - Express disclosure of these rights in severance...more

Morrison & Foerster LLP

Employment Law Commentary - Volume 27, Issue 3 - March 2015: Does The Government Think Your Confidentiality Agreements Chill...

INTRODUCTION - Employers routinely incorporate confidentiality provisions into a variety of agreements, including employment, proprietary information, separation and settlement agreements. In an era when many...more

Foley & Lardner LLP

SEC Brings Enforcement Proceeding Relating to Confidentiality Agreements That May Stifle Whistleblowers

Foley & Lardner LLP on

After repeated public statements warning companies that might seek to stifle whistleblowers, the U.S. Securities and Exchange Commission (SEC) has brought its first enforcement action relating to language in confidentiality...more

Orrick - Employment Law and Litigation

SEC Makes Good on Its Promise to “Un-Muzzle” Employees from Cooperating in SEC Investigations

In a much-anticipated move, the SEC on April 1, 2015 commenced a cease-and-desist action against KBR (formerly Kellogg Brown & Root) alleging its confidentiality agreements violated Dodd-Frank’s whistleblower regulations. KBR...more

Hinshaw & Culbertson LLP

Employer's Overbroad Confidentiality Language Leads to SEC Investigation and Penalty

Most employers have confidentiality provisions in their handbooks, employment agreements, or other employment procedures manuals. Employers might want to take a minute to review those provisions in light of some recent...more

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