sec whistleblower attorneys
SEC Whistleblower Program
Clients & Results
News & Insights
Labaton Sucharow LLP, which established the first national practice exclusively dedicated to representing Securities and Exchange Commission (SEC) whistleblowers, today applauded the SEC, which released its annual report of the whistleblower program affirming another record year for the agency’s program. Established under Dodd-Frank, the SEC program already has awarded more than $162 million to whistleblowers whose tips fueled enforcement actions resulting in approximately $1 billion in monetary sanctions.
“In crafting this investor protection initiative, we at the SEC believed that monetary incentives, employment protections, and the ability to report anonymously would create a revolutionary paradigm. Looking at the program’s results, it’s incredibly gratifying,” noted Jordan A. Thomas, Chair of Labaton Sucharow’s Whistleblower Representation Practice and a principal architect of the SEC Whistleblower Program.
This year, in one novel action underscoring that anyone can be a whistleblower, two analysts represented by Labaton Sucharow tipped the SEC to misconduct at Orthofix International, which settled with the SEC in January for more than $8 million. The whistleblowers could receive more than $2.5 million from the Commission. Thomas also represents whistleblowers in two of the SEC’s largest enforcement actions in recent years—a $415 million settlement with Merrill Lynch and a $267 million settlement with JP Morgan. The amount of those whistleblower awards has yet to be finally determined by the agency.
Key statistics from the FY 2017 Annual Report include:
“The government got it right with the whistleblower program,” Thomas continued. “Injured investors are being made whole, employees are taking a safer and active stake in their corporate culture, and bad actors are on notice. And I’d bet the coming year will break all prior records.”