Important developments in U.S. securities law, white collar criminal defense, regulatory enforcement and other emerging issues impacting financial services institutions, publicly traded companies and private investment funds
A jury verdict awarding more than $3 million to Plaintiff James Crowley (Plaintiff) on his whistleblower retaliation claim under the Illinois State Official and Employee Ethics Act (Ethics Act) (5 ILCS § 430/15-5, et seq.) Crowley v. Watson, No. 1-14-2847 (Mar. 2, 2016) was upheld by an Illinois Appellate court on March 2, 2016. To read our … Continue Reading
On September 28, 2015, the U.S. Department of Labor Administrative Review Board (“ARB”) held that the recording of workplace conversations can be protected whistleblower activity under the Energy Reorganization Act of 1974 (“ERA”). Franchini v. Argonne National Laboratory, ARB Case No. 13-081 (Sep. 28, 2015).… Continue Reading
In a recent interview with Law360 (subscription required), Chris Ehrman, the Director of the U.S. Commodity Futures Trading Commission’s Whistleblower Office, predicted that the number and size of the CFTC’s whistleblower awards will increase in the near future. Ehrman also said that the agency will conduct “straight marketing” to ensure that potential whistleblowers are aware … Continue Reading
The Second Circuit Court of Appeals recently deferred to the SEC’s determination that a tipster who provided information to the Commission before July 21, 2010, the effective date of the Dodd-Frank Act, is not eligible to receive a whistleblower bounty payment. Stryker v. SEC, Case No. 13-4404-ag (2d Cir. Mar. 11, 2015).… Continue Reading
On March 2, 2015, the SEC announced an expected award of $475,000 to $575,000 to a former company officer “who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action with sanctions exceeding $1 million.” The officer reported information to the SEC more than 120 days after other responsible compliance personnel … Continue Reading
Guest Post from Proskauer’s Whistleblower Defense Blog. Written By Steven J. Pearlman, Lloyd Chinn, Harris Mufson and Noa Baddish on November 12, 2014 The U.S. District Court for the Eastern District of Wisconsin in Verfuerth v. Orion Energy Systems, Inc., No. 14-cv-352 (E.D. Wis. Nov. 4, 2014) recently ruled that the Dodd-Frank whistleblower protection provision … Continue Reading
Guest Post from Proskauer’s Whistleblower Defense Blog Written By Steven J. Pearlman and Rachel Fischer on November 5, 2014 According to an academic study published on October 6, 2014 by Andrew C. Hall, Gerald S. Martin, Nathan Y. Sharp, and Jaron H. Wilde, the presence of whistleblowers may have a meaningful impact on the outcomes of … Continue Reading
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