News & Analysis as of

Rule 21F

Supreme Court Articulates Dodd-Frank Whistleblower Definition in Digital Realty Trust, Inc. v. Somers

by WilmerHale on

On February 21, 2018, the Supreme Court held in Digital Realty Trust, Inc. v. Somers that the anti-retaliation whistleblower protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank...more

Supreme Court Decides Digital Realty Trust v. Somers, No. 16-1276

by Faegre Baker Daniels on

On June 19, 2107 the U.S. Supreme Court decided Digital Realty Trust v. Somers, holding that the Dodd-Frank Act’s prohibition on employer retaliation against whistleblowers extends only to individuals who have reported...more

Blog: SCOTUS Says Whistleblowers Must Whistle All The Way To The SEC

by Cooley LLP on

Today, SCOTUS handed down its decision in Digital Realty v. Somers, a case addressing the split in the circuits regarding the application of the Dodd-Frank whistleblower anti-retaliation protections: do the protections apply...more

SEC’s Office of the Whistleblower Ends 2017 With a Bang

Just in time for the holiday season, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) has brought joyful news to three whistleblowers who will receive substantial awards of over $8 million each to two...more

SEC Awards Over $16 Million to Two Whistleblowers

On November 30, 2017, the SEC Office of the Whistleblower issued a bounty award of more than $16 million to two tipsters; each received an award of more than $8 million. The SEC denied awards to five other claimants....more

Supreme Court Set To Decide Whether Dodd-Frank Protects Internal Whistleblowers

by Jackson Lewis P.C. on

On June 26, 2017, the U.S. Supreme Court agreed to review whether the Dodd-Frank Act’s whistleblower anti-retaliation provisions protect employees who only complain internally to their employer, but do not complain directly...more

SEC Continues to Fine Companies that Discourage Whistleblowers

The SEC recently slapped two companies with sizeable fines for allegedly impeding potential whistleblowers from communicating with the agency in violation of Rule 21F-17. These fines, coupled with the SEC’s recent enforcement...more

A Divided Ninth Circuit Extends Dodd-Frank's Anti-Retaliation Protection for Whistleblowers

by Nossaman LLP on

Without a bright line requirement of an SEC contact to trigger whistleblower status, employers may not learn until after termination that an employee claims to be a whistleblower. Employees often raise internal questions,...more

Circuit Split on Whistleblower Protections Widens

On March 8, 2017, a divided panel of the Ninth Circuit issued an opinion in Somers v. Digital Realty Trust Inc. that further widened a circuit split on the issue of whether the anti-retaliation provisions in the Dodd-Frank...more

Circuit Split on Whistleblower Protections Widens: Ninth Circuit Follows Second Circuit and Splits with Fifth Circuit in Holding...

On March 8, 2017, a divided panel of the Ninth Circuit issued an opinion in Somers v. Digital Realty Trust Inc. that further widened a circuit split on the issue of whether the anti-retaliation provisions in the Dodd-Frank...more

Ninth Circuit Widens the Circuit Split on Whether Dodd-Frank Protects Internal Whistleblowers

by BakerHostetler on

Last week, a divided panel of the Ninth Circuit Court of Appeals issued an opinion in Somers v. Digital Realty Trust, Inc., No. 15-17352 (9th Cir. March 8, 2017), in which it held that the anti-retaliation protections of the...more

SEC Claws Back Award for Dawdling Whistleblower, as Feds Signal Changes in Award Eligibility

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Last week, the Securities and Exchange Commission released an Order Determining Whistleblower Award Claim holding that the whistleblower’s award should be reduced to 20% of the monetary sanctions collected...more

Lessons from the SEC’s Whistleblower Anti-Retaliation Cases

by K&L Gates LLP on

Originally published in NSCP Currents - February 2017. While announcements of large cash awards grab most of the spotlight for the Securities and Exchange Commission’s (SEC or the Commission) whistleblower program, SEC...more

Whistleblower Rule Compliance: SEC’s OCIE Issues Risk Alert in Wake of Illustrative Enforcement Actions

by Winstead PC on

On October 24, staff of the Securities Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert titled “Examining Whistleblower Rule Compliance” (the “Risk Alert”). The Risk...more

Employers Beware: SEC Continues Offensive on Employment Agreements That Inhibit Whistleblowers

by Akerman LLP - HR Defense on

Risk Alert (literally)! Standard provisions in employment agreements, severance agreements and policies may run afoul of the SEC’s whistleblower regulations. In the wake of several highly publicized enforcement actions by the...more

OCIE Staff to Examine Registered Advisers' Policies and Agreements for Whistleblower Rule Compliance

by Proskauer Rose LLP on

On October 24, 2016, OCIE published a risk alert noting that the SEC exam staff intends to examine registrants' compliance with the Dodd-Frank Act's whistleblower provisions. The alert noted recent enforcement actions...more

SEC Examiners Focus on Investment Adviser and Broker-Dealer Compliance With Whistleblower Rules

by WilmerHale on

Last week, the SEC's Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert regarding examinations of investment adviser and broker-dealer registrants' compliance with key whistleblower provisions...more

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Whistleblower Rule Compliance

On October 24, Staff in the Office of Compliance Inspections and Examinations (the “Staff”) issued a National Exam Program Risk Alert announcing that it is examining registered investment advisers and registered...more

SEC Exams Looking for Whistleblower Violations

SEC staff in the Office of Compliance Inspections and Examinations are examining compliance with key whistleblower provisions arising out of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The staff is...more

Spuds MacKenzie Runs into FCPA/Whistleblower Buzzsaw

by 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

SEC Opens up the Toolbox to File First Stand-alone Whistleblower Retaliation Case

by Brooks Pierce on

Welcome back to Whistleblower Week here at Cady Bar the Door. It is a glorious time. Today we discuss In re International Game Technology, Inc., filed on September 29th. While it has done this before alongside other...more

The SEC Hates It When You Discourage Whistleblowing

by Brooks Pierce on

There have been lots of developments on the whistleblower front over the last couple months, and we’ve covered none of them here at Cady Bar the Door. Let’s try to catch up. Today we’ll discuss the first of this recent...more

New SEC Settlements Show Continued Focus on Whistleblower Protection and Severance Agreements

by WilmerHale on

The Securities and Exchange Commission (SEC) continues to pursue enforcement actions against companies for whistleblower-related violations. The latest in a recent string of settled orders, which include the SEC's first case...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

SEC Brings First Stand-Alone Whistleblower Retaliation Enforcement Action - On September 29, 2016, the U.S. Securities and Exchange Commission (SEC) brought its first stand-alone whistleblower retaliation case under...more

Small Business Securities Bulletin: Standard Confidentiality Provisions May Be Prohibited "Pretaliation" in Eyes of SEC

by Baker Donelson on

As we discussed in our June 2011 Bulletin, available here, SEC rules promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), pursuant to Section 21F thereunder as enacted by the Dodd-Frank Wall...more

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