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
03 May 2024
In the News
Jeff Symons’ Move to Foley Featured in Press
Foley & Lardner LLP partner Jeff Symons is featured in legal press for his recent arrival to the firm
03 May 2024
In the News
Nathaniel Lacktman on Healthleaders Podcast– ‘We’re seeing maturity in the telemedicine market’
Foley & Lardner LLP partner Nathaniel Lacktman discussed the upcoming American Telemedicine Association’s annual conference, new developments in telemedicine and digital health, the regulatory context, and the prospects for the industry’s future
02 May 2024
In the News
Jennifer Hennessy on American Privacy Rights Act – ‘This law does have teeth’
Foley & Lardner LLP partner Jennifer Hennessy assesses the prospects of what could be the first federal data privacy law passed in the United States