Energy Co. To Pay SEC $1.4M Over Whistleblower Firing

Law360, New York (December 20, 2016, 7:54 PM EST) -- The U.S. Securities and Exchange Commission reached its first settlement over internal-whistleblower retaliation Tuesday, with an Oklahoma energy company agreeing to pay $1.4 million, subject to a bankruptcy plan, to resolve claims it fired a worker for whistleblowing and used restrictive separation agreements.

SandRidge Energy Inc. agreed to settle the SEC's claims that the company used illegally restrictive separation agreements forbidding former employees from cooperating in SEC and other government investigations, and that SandRidge fired an employee who raised concerns about its accounting. The $1.4 million penalty will be reduced under SandRidge's bankruptcy plan.

SEC Office of the Whistleblower Chief Jane...

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