May 22, 2017

May 22, 2017

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May 19, 2017

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SEC Issues $5.5 Million Whistleblower Award

On January 6, 2017, the SEC announced the first whistleblower award this year.  The award of approximately $5.5 million, comes almost exactly a month after the SEC issued two awards totaling over $4.4 million.

Besides indicating that the whistleblower in this case reported information directly to the SEC, the SEC’s order announcing the award reveals few insights into either the case or the information that the whistleblower provided.  In the SEC’s press release, Jane Norberg, Chief of the SEC’s Office of the Whistleblower, praised the whistleblower for “boldly stepping forward while still employed at the company.”

After handing out more than $57 million in awards in its 2016 fiscal year, the SEC whistleblower program has now awarded approximately $142 million to 38 whistleblowers.  As the SEC rings in 2017 with this large award, the SEC is clearly continuing to incentivize whistleblowers to report original information regarding alleged violations of securities laws.

© 2017 Proskauer Rose LLP.

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About this Author

Harris M Mufson, Class/Collective Action Attorney, Proskauer
Associate

Harris Mufson is a senior associate in the Labor & Employment Law Department and a member of the Employment Litigation & Arbitration and Whistleblowing & Retaliation Groups.

Adept at counseling clients at every turn of the litigation process, Harris represents employers in a variety of industries, including financial services, health care, entertainment, sports and legal, with respect to a wide range of labor and employment law matters. These include compensation disputes, employment discrimination and retaliation, whistleblowing,...

212.969.3794
Law Clerk

Yonatan Grossman-Boder is a law clerk in the Labor & Employment Law Department.

  • Duke University School of Law, J.D., 2015

  • Columbia University, B.A., 2011

    magna cum laude

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