White Collar partner, Stephen R. Spivack, was recently quoted in a Law360 article entitled “Lawyers Weigh In On SEC's Record Whistleblower Award,” which explores the significance of the U.S. Securities and Exchange Commission’s recent announcement to award over $30 million to a corporate whistleblower, more than doubling its previous whistleblower payout.
“The government’s increasing reliance on whistleblowers to initiate investigations is a new arrow in the government’s enforcement quiver and these awards are here to stay,” said Spivack. “They are meant to incentivize both whistleblowers and whistleblower counsel to report wrongdoing directly to the SEC and not to the employee’s employer. An award like the one announced today is a powerful reminder to all companies to review and, if necessary, update their compliance and internal reporting policies to encourage employees who suspect wrongdoing to bring their concerns to management’s attention so that a company may investigate and, if necessary, take remedial actions before the U.S. Government launches an investigation.”
Read the complete collection of attorney reactions to the SEC's record $30 million whistleblower award.