Whistleblower Rule May Chill Self-Reporting, Attys Say

Law360, New York (November 11, 2010, 5:45 PM EST) -- The recent U.S. Securities and Exchange Commission proposal to expand its whistleblower program has companies worried that employees will bypass internal mechanisms for reporting fraud in the pursuit of big bucks. And that, attorneys say, could chill self-reporting and hinder a corporation's ability to minimize the fallout from a government investigation.

Jacqueline Wolff, a partner at Manatt Phelps & Phillips LLP and a former assistant U.S. attorney for the District of New Jersey, said that the program — for which the SEC has already set up...
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