In-House Lawyers Attack SEC Whistleblower Program

Law360, New York (December 15, 2010, 5:23 PM EST) -- In-house counsel from more than 260 companies have raised concerns that the U.S. Securities and Exchange Commission’s proposed program for rewarding whistleblowers who tip off the agency to securities law violations may encourage employees to hold off on reporting company misconduct so that they can amass a larger bounty.

Lawyers for companies including Pfizer Inc., Delta Air Lines Inc. and McDonald’s Corp. sent a letter to the SEC on Wednesday warning that the agency’s proposed rules for whistleblowers under the Dodd-Frank Wall Street Reform and Consumer...
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