Analysis

Tipster Atty Who Sued SEC Says New Rule Caters To Wall St.

By Al Barbarino (January 14, 2021, 8:29 PM EST) -- The Labaton Sucharow partner who sued the U.S. Securities and Exchange Commission over recent whistleblower rule amendments says he will "keep fighting" until he prevails, contending that the changes will suppress tips from Wall Street bigwigs who provide some of the most valuable checks on major financial institutions.

Jordan A. Thomas, chair of Labaton Sucharow LLP's whistleblower practice and a former SEC assistant director, believes the agency under former Chairman Jay Clayton was "ill-advised" before it finalized the rules in September, rules that Thomas said cater to Wall Street firms and leave a set of unlawful provisions on the incoming SEC administration....

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