NY Lawyer Group Says Attys Can't Seek Whistleblower Awards

Law360, New York (October 7, 2013, 6:20 PM EDT) -- New York lawyers cannot ethically collect Dodd-Frank Act whistleblower bounties for providing confidential client information to the U.S. Securities and Exchange Commission, a state lawyers association ruled on Monday.

The New York County Lawyers' Association said the prospect of receiving a whistleblower award “might tend to cloud a lawyer’s professional judgment.” Under Dodd-Frank, people who provide original information to the SEC leading to an enforcement action may receive between 10 and 30 percent of any sanctions collected, provided they are at least $1 million.

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