Labaton Sucharow LLP established the first practice in the nation that is dedicated to exclusively represent SEC (Securities and Exchange Commission) whistleblowers. It recently made the announcement that it had secured a huge award (over $17 million) from SEC for its client who exposed significant wrongdoing within the financial services industry. This award was the second largest in the history of the SEC whistleblower program, now getting to its sixth year. Under the SEC whistleblower program, the eligible whistleblowers are able to get between 10% – 30% of the full amount collected in sanctions after a successful enforcement.
Provision of High-Quality Information
Labaton Sucharow client offered high-quality information that led to the successful sanctions of a big player in the financial industry. The whistleblower remained anonymous to avoid blacklisting or retaliation. The SEC also protects their identity by concealing the specific cases that the whistleblowers play a part in exposing wrongdoings. Jordan A. Thomas, is a SEC whistleblower lawyer who doubles up as the Chair in the firm’s Whistleblower Representation Practice. He stated that their client exposed the wrongdoing while others chose to remain silent. He predicted that there will be many more awards in coming years due to the input offered by courageous whistleblowers. Mr. Thomas represented the first public company officer who got the first SEC award, and worked in a case against an employer who retaliated against a whistleblower.
About the SEC Whistleblower Lawyers and Program
Congress went ahead to enact the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. It brought about a number of reforms like the new whistleblower program that provided some financial and employment protections as incentives for people to blow the whistle on violations of existing federal securities law to the SEC. Labaton Sucharow became the first law firm to establish an exclusive practice to protect and advocate for the whistleblowers. Jordan A. Thomas, leads the practice at Labaton Sucharow. He played a key role in developing this program, including the drafting of proposed legislations and final implementation of rules.
Protections and Incentives of the Program
When the threshold is met, the whistleblowers qualify for additional awards. The act prohibits retaliations from employers against whistleblowers according to the program’s rules. Whistleblowers are able to make their reports in an anonymous manner as long as they are represented by a SEC whistleblower attorney.