2nd Circ. Rejects Deutsche Bank Whistleblowers' Award Bid

Law360 (November 8, 2019, 12:59 PM EST) -- The Second Circuit declined Friday to overturn the U.S. Securities and Exchange Commission’s denials of several whistleblower claims for portions of a $55 million fine paid by Deutsche Bank, ruling in part that the agency can cut out a whistleblower who submits useful information first but packages it in an impenetrable format.

The three-judge panel said that requiring the SEC to award whistleblowers based on the value of information contained in their submissions, regardless of whether those submissions themselves contribute to the success of an enforcement action, could lead to unintended consequences and “disincentivize whistleblowers from curating their submissions.”

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