Award Caps Would Weaken Whistleblower Program, SEC Told
Law360 (September 19, 2018, 8:03 PM EDT) -- Whistleblowers and their attorneys claim the U.S. Securities and Exchange Commission's proposal to reduce significant awards would give tipsters little reason to put their livelihoods at risk by exposing corporate wrongdoing, according to public comments submitted before a Sept. 18 deadline.
The agency's proposed limit is part of a broader overhaul of its whistleblower program, which was introduced to incentivize tipsters as part of the Dodd-Frank Act in 2010. Some aspects, such as a plan to reduce "frivolous" claims, have been cheered, while many others have gotten a cooler reception.
"The program was moving in the right direction, and this is...
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