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Landmark Lawsuit Filed Against SEC to Protect Future Whistleblowers

The Rise of Whistleblower Lawsuits, Where Tipsters Make Millions

Jordan Thomas was tapped for his perspective about whistleblowers in a March 29, 2021 article by Samantha Lee on BusinessInsider.com. The article is not focused on any particular whistleblower program and discusses qui tam lawsuits under the False Claims Act as well as the relatively recently-developed programs of the IRS, SEC and CFTC.

Jordan made two points that are emphasized in the article. The first is that whistleblowers have quite literally changed the game when it comes to financial law enforcement and regulatory action. “Whistleblowers are the most effective and efficient law enforcement tool in the modern era,” he stated. According to the article, nearly 75% of the $2.2 billion False Claims Act settlements and judgments reported by the federal government in 2020 came from whistleblower complaints.

Jordan’s second point was that whistleblowers must be prepared – and patient – if they’re hoping for awards, which come at long-odds and take years if they are ever realized. Jordan imparted that tips need to be detailed and correct, and that enduring courage and allies will help whistleblowers through the process.

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