2nd Circ. Rejects Pre-Dodd-Frank Whistleblower's Award Bid

By Stewart Bishop (March 11, 2015, 1:57 PM EDT) -- The Second Circuit on Wednesday refused to overrule the U.S. Securities and Exchange Commission's denial of an award to a whistleblower who fed information to the agency before the enactment of the Dodd-Frank Act, deferring to the SEC's interpretation of the law.

A three-judge panel for the appeals court denied the petition of Larry Stryker, who provided the SEC with information that led to a $24 million settlement against Advanced Technologies Group Ltd., saying because Stryker's information was submitted prior to Dodd-Frank's enactment in July of 2010, it doesn't qualify for an award, pursuant to agency rules.

Congress, the panel held,...

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