Partner Bryan House was quoted in the Law360 article, “Whistleblower Developments To Watch For As 2020 Wraps,” which looks at developments this year that might impact whistleblowers.
The SEC is preparing to vote on a rule that would give the agency discretion to cut down whistleblower awards in cases yielding $100 million or more in sanctions and have at least a $30 million bounty.
Although awards of that magnitude are few and far between, regulators say the new measures would allow the agency to ensure that awards do not “exceed an amount that is reasonably necessary to reward the whistleblower and to incentivize other similarly situated whistleblowers.”
House said he questioned whether the limits would have much of an impact on whistleblowers or the program. “I don’t think that cutting back the size of the awards undercuts the program,” he said. “It’s still a lot of money.”
If passed, the proposed rule could also give the agency the discretion to adjust upward the smallest awards, those under $2 million, under which a majority of awards fall. House, who defends companies facing whistleblower claims, said this small award provision shows that the proposed rule is not one-sided or detrimental to the program.
People
Related News
June 10, 2025
In the News
Lynn Gandhi Sheds Light on Supreme Court Tax Ruling
Foley partner Lynn Gandhi commented in the Bloomberg Tax article "High Court’s Catholic Charities Case to Go Beyond Unemployment," sharing insight on the implications of the recent Supreme Court ruling in a tax case.
June 10, 2025
In the News
James McFall Joins Iconic Athletes and Leaders in Launch of Stanford Football Alumni United
Foley & Lardner LLP is proud to announce that partner James Carlos McFall is a founding member of Stanford Football Alumni United (SFAU), a newly formed coalition of former players and leaders committed to supporting Stanford Football’s continued growth and national competitiveness.
June 6, 2025
In the News
David Rosen Comments on FDA, Compounder Conflict Over Drug Shortages
Foley & Lardner LLP partner David Rosen highlighted the U.S. Food and Drug Administration's drug shortage list in the BioSpace article, "Post-Chevron Legal Battles: Three Key Cases to Watch."