October 28, 2020

Volume X, Number 302

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SEC Awards Whistleblower More Than $27 Million

On April 16, 2020, the SEC announced payment of more than $27 million to a whistleblower who alerted the agency to misconduct that had occurred, in part, overseas.  (The order granting the award can be accessed here.)

In explaining the reason for its award determination, the SEC noted that the whistleblower had “repeatedly and strenuously raised [his or her] concerns internally.”  The SEC noted that it had considered whether the whistleblower had unreasonably delayed in reporting the information to the SEC, but declined to reduce the award due to the whistleblower’s repeated internal complaints.

This is the sixth largest award overall since the inception of the SEC’s whistleblower program in 2011 and brings the total amount awarded to whistleblowers by the SEC over the $400 million mark.

Since the inception of the program, the SEC has received over 26,000 whistleblower tips and awarded approximately $425 million to 79 individuals.

© 2020 Proskauer Rose LLP. National Law Review, Volume X, Number 111
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About this Author

Lloyd B Chinn, Financial, Whistleblower Attorney, Proskauer Law Firm
Partner

Lloyd B. Chinn is a Partner in the Labor & Employment Law Department and co-head of the Whistleblowing & Retaliation Group. He litigates employment disputes of all types before federal and state courts, arbitration tribunals (e.g., FINRA, JAMS and AAA), and before administrative agencies in New York and across the country. Lloyd's practice ranges from litigating compensation disputes to defending whistleblower, discrimination and sexual harassment claims. Although he represents employers in a wide range of industries, including law, insurance, health care, consulting, media,...

212-969-3341
Pinny Goldberg Labor and Employment Lawyer Proskauer Rose Law Firm
Associate

Pinny Goldberg is an associate in the Labor & Employment Law Department. Pinny represents employers in a broad array of matters before federal and state courts, FINRA and other arbitration panels, and administrative agencies, including the EEOC and its state equivalents, and in pre-litigation negotiations. Matters he works on include discrimination and harassment, wage and hour, wrongful discharge, whistleblowing and retaliation, covenants not to compete, breaches of fiduciary duty, unjust enrichment, and tort and contract claims. 

In...

212.969.3074
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