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This Jan. 14, 2021 Dealbreaker article by Jon Shazar is highly critical of former SEC Chairman Jay Clayton and rule changes he spearheaded at the end of his tenure concerning whistleblower award determinations. Against that backdrop, the author highlighted the litigation brought by Jordan Thomas challenging the SEC’s statutory authority to make these rule changes.
The article explains that Jordan challenged two aspects of the rule changes: (i) the SEC’s claim that it has discretion to consider the potential dollar amount of the final payout as a factor in calculating an award; and (ii) that a “related action” will not qualify for SEC award consideration if the SEC determines it has a more direct or relevant connection to a separate award program.
At the time of this writing, the referenced litigation brought by Jordan remains pending.