SEC Whistleblower Blog

Deputy Chief of SEC Whistleblower Office Discusses Contractual Limitations on Reporting

June 4, 2013
Jane Norberg, the Deputy Chief of the Securities and Exchange Commission (“SEC”) Office of the Whistleblower, made comments at a panel at the 2013 Compliance Week conference that echoed sentiments expressed by Katz, Marshall & Banks partners David J. Marshall and Debra S. Katz in a letter they wrote to the SEC in early May...

Internal Complaint Qualifies Under Dodd-Frank Whistleblower Protection, SDNY Rules

May 31, 2013
The United States District Court for the Southern District of New York (“SDNY”) recently issued another pro-whistleblower decision, this time rejecting a motion to dismiss a whistleblower retaliation lawsuit brought under the Dodd-Frank Act in the case of Murray v. UBS Securities, LLC. In Murray, the SDNY agreed with the four...

Decline in FCPA Bribery Enforcement Appears Short-Lived

May 29, 2013
There was a significant decline in 2012 in enforcement actions under the Foreign Corrupt Practices Act (“FCPA”), legislation that outlaws bribery of foreign officials by U.S. companies or individuals. According to a study by TRACE International, Inc., an association that provides anti-bribery compliance solutions for...

SEC Whistleblowers' Rights Being Restricted in Severance Agreements

May 15, 2013
The ability of whistleblowers to provide information to the Securities and Exchange Commission (“SEC”) is being regularly impeded by employers in contractual negotiations, according to a letter that attorneys David Marshall and Debra Katz of the whistleblower law firm Katz, Marshall & Banks sent to...

SEC Official Discusses Progress of Whistleblower Program

May 6, 2013
Securities and Exchange Commission (“SEC”) Associate Director of Enforcement Stephen Cohen addressed criticisms of the SEC whistleblower program at a panel discussion in New York on April 26, 2013, entitled “Enforcement 2013: Perspectives from Government Agencies.”  Much has been made in recent months of the fact that the 20-...

SEC Whistleblower Has Dodd-Frank Claim Dismissed but SOX Claim Survives

April 29, 2013
A federal district court recently dismissed a plaintiff’s claim of whistleblower retaliation under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) while allowing the plaintiff’s whistleblower retaliation claim under the Sarbanes-Oxley Act of 2002 (“SOX”) to continue. In Jones v. SouthPeak,...

Colorado District Court Adopts Broad Definition of Whistleblower Under Dodd-Frank

April 16, 2013
The United States District Court for the District of Colorado recently joined the growing number of federal district courts that have adopted a broad definition of the term “whistleblower” under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). On March 25, 2013, in the case of Genberg v. Porter, the...

Dodd-Frank Act Encourages Hedge Fund Pros to Blow Whistle on Misconduct

April 8, 2013
Despite the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), the  culture at hedge funds seems to be equal parts cynical and idealistic, according to a recent study commissioned by a  New York law firm.  Almost half of hedge fund professionals surveyed believe that their...

SEC Whistleblower Office Stresses Importance of Dodd-Frank Act

March 20, 2013
At the annual “The SEC Speaks” conference held late last month, officials from the Securities and Exchange Commission (“SEC”) discussed achievements in 2012 and looked ahead to 2013.  Among the speakers was Jane Norberg, the Deputy Director for the SEC’s Office of the Whistleblower.  In her remarks, summarized by the Harvard...

IRS Whistleblower Program Reports Record Payouts in FY 2012

February 22, 2013
The Internal Revenue Service (“IRS”) Whistleblower Program made public its FY 2012 Report to Congress on Wednesday, February 13, 2013.  Pursuant to section 7623(b) of the Internal Revenue Code, added in December 2006, the IRS is required to pay awards to whistleblowers if the information an individual provides substantially...

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