News & Analysis as of

Enforcement Actions Separation Agreement

Dorsey & Whitney LLP

Companies Subject to U.S. Jurisdiction Should not Restrict Personnel from Being SEC Whistleblowers, or Receiving SEC Whistleblower...

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SEC rules prohibit taking “any action” to impede an individual from communicating directly with the SEC about a possible securities law violation, including by enforcing, or threatening to enforce, a confidentiality...more

Ballard Spahr LLP

Are Whistleblower Protection Violations the New SEC Sweep?

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The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages...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

Proskauer - Whistleblower Defense

SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule

The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the...more

NAVEX

Compliance Lessons from Recent SEC Whistleblower Protection Actions

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A trio of enforcement actions brought by the Securities and Exchange Commission in September sounds a warning bell for all companies to revisit their existing employee agreements, being particularly mindful of potential...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

Proskauer - The Capital Commitment

Words Matter: Three Key Steps to Mitigate SEC Enforcement Risks Relating to Whistleblower Carveout Language

Since 2015, the SEC has brought nearly two dozen enforcement actions for violations of the whistleblower protection rules under Rule 21F-17(a) against employers for actions taken to impede reporting to the SEC. The bulk of...more

Littler

SEC Continues to Attack Non-Disclosure Agreements and Personnel Policy Provisions that Could Impede Employees from Reporting...

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The SEC continues to review non-disclosure agreements and other confidential business information provisions of publicly traded companies to ensure whistleblowers are not restricted from freely communicating with the agency...more

Holland & Knight LLP

SEC Settlements Over Whistleblower Protections Pile Up

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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

Cooley LLP

SEC Focuses on Whistleblower Protections in Employee Separation Agreements

Cooley LLP on

Recent Securities and Exchange Commission enforcement actions have zeroed in on whistleblower protections in employee separation agreements, signaling that now may be the time for companies to closely review employee...more

Ballard Spahr LLP

SEC Increases Scrutiny of Whistleblower Protections

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Summary - The Securities and Exchange Commission (SEC) has recently announced settlements with a number of companies whose separation agreements or internal policies the SEC viewed as impeding employees’ participation in the...more

Goodwin

Employers Are Strongly Encouraged to Revisit Whistleblower Protection Language in Agreements and Policies in Light of Recent Legal...

Goodwin on

On Friday, September 29, 2023, the Securities and Exchange Commission (the “SEC”) issued an order that censured D. E. Shaw & Co., L.P., a registered investment advisor in New York, and assessed a civil penalty of $10,000,000...more

Wiley Rein LLP

Think Because You Are a Private Company the SEC Is Not Your Problem? Think Again (and review those separation agreements)

Wiley Rein LLP on

What: Twice this month, the Securities and Exchange Commission (SEC) announced settled actions against entities for violating SEC Rule 21F-17(a) related to language in their separation agreements, including one against a...more

SECIL Law

Companies Should (Again) Review Releases They Sign With Departing Employees—The SEC Is Not Going To Lose Interest In This Issue

SECIL Law on

The U.S. Securities and Exchange Commission (“SEC”), in a couple of recent settled actions, continues to warn companies that the practice of requiring departing employees to sign comprehensive releases in return for...more

Epstein Becker & Green

Employers Beware: SEC Targets Employment Agreements Under Whistleblower Protection Rules

Epstein Becker & Green on

Less than two weeks after it last penalized a private employer for alleged violations of whistleblower protection rules in its employee separation agreements, the Security and Exchange Commission (“SEC”) once again takes aim...more

Troutman Pepper

SEC Charges Privately Held Monolith Resources for Violating Whistleblower Protection Rules

Troutman Pepper on

On September 8, the U.S. Securities and Exchange Commission (SEC) announced that it settled charges against Monolith Resources LLC, a privately held technology and energy company headquartered in Nebraska. The SEC’s...more

Epstein Becker & Green

SEC Levies a Six Figure Fine Against a Private Company for Language in Its Separation Agreements, Continuing the Aggressive...

Epstein Becker & Green on

The Security and Exchange Commission (“SEC”) continues to aggressively enforce its whistleblower program under the Biden Administration. As we have reported, the SEC has cracked down on employers’ agreements and procedures...more

Holland & Hart LLP

Three Takeaways From Recent SEC Enforcement Case

Holland & Hart LLP on

The Securities and Exchange Commission (SEC) just announced a settled enforcement matter involving a public company and its CFO.  (AP File No. 3-21438)  The case presents three important takeaways for companies and...more

Sheppard Mullin Richter & Hampton LLP

Employee Separation Agreements Likely to Face Increased EEOC Scrutiny

The Equal Employment Opportunity Commission (“EEOC”)—the agency tasked with enforcing federal labor laws—was deputized by Congress in 1972 with authority to bring lawsuits against employers for violating anti-discrimination...more

Foley & Lardner LLP

SEC Whistleblower Program May Be Facing Congressional Cutback

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According to a memo circulating amongst Republican-party leaders as of February 13th, Republicans in the House of Representatives are planning to propose a significant curtailment of the U.S. Securities and Exchange...more

Snell & Wilmer

The SEC Expands Enforcement Program Based Upon Standard Corporate Separation Agreements

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We have alerted you on two prior occasions regarding the Securities and Exchange Commission (SEC) imposing substantial fines and other penalties based solely on “boilerplate” language commonly found in corporate severance...more

Proskauer Rose LLP

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

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This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Brooks Pierce

Spuds MacKenzie Runs into FCPA/Whistleblower Buzzsaw

Brooks Pierce on

Ha. I’m just kidding. I don’t think Spuds MacKenzie has been a thing for years. But his former patron, Anheuser-Busch InBev, ran into some FCPA problems last month, and tacked on a whistleblower charge for good measure....more

Orrick, Herrington & Sutcliffe LLP

This Cold Bud Is For You: SEC Sanctions Anheuser-Busch for “Chilling” Employee from Communicating with SEC

On September 28, 2016, the SEC announced that Anheuser-Busch agreed to pay $6 million to settle charges of Foreign Corrupt Practices Act and Dodd-Frank whistleblower violations. The SEC’s order stated that AB InBev violated...more

Thomas Fox - Compliance Evangelist

Anheuser-Busch InBev and Lessons in Joint Venture FCPA Compliance

Just in time for National Beveridge Day comes the Foreign Corrupt Practices Act (FCPA) enforcement action involving Anheuser-Busch InBev (ABI), where the company paid $6 million to settle charges that it violated the FCPA and...more

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