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.
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Foley & Lardner LLP recently announced the election of 23 lawyers to its partnership, effective February 1, 2024. The announcement has generated significant media coverage.
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