Award Caps Would Weaken Whistleblower Program, SEC Told
By Rachel Graf (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!