On July 6th, 2016 the second largest ever whistleblower settlement was awarded to a client of the law firm, Labaton Sucharow. The monetary award, which was over $17 million dollars, came as the result of a whistleblower’s allegations in the financial industry. Jordan Thomas, a SEC Whistleblower lawyer, lead the high-profile case to its successful conclusion, a major success as far as Whistleblower advocacy is considered.
Neither Thomas nor Labaton Sucharow are new to whistleblower laws. In fact, as after congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Labaton Sucharow become the first practice to establish a team completely devoted to the protection and justice of U.S. Whistleblowers. As a SEC whistleblower attorney, Thomas currently chairs the program and has also been the first lawyer to accept a whistleblower award on behalf of a public law firm.
While Thomas’s client’s identity remains anonymous for their personal protection, because of courageous whistleblowers and skilled law firms, the U.S. Security and Exchange Commission is able to monitor and seize many potential wrongdoings or fraud in a timely manner. It is because of this considerable benefit, that SEC has established the Office of the Whistleblower and continues to make monetary and employment protection available to any and all potential whistleblowers who are willing to step forward with valuable information.
The large award that Thomas’s client received was taken from the SEC Whistleblower Commission’s automatically replenished fund, which was established to provide protection and compensation to those who were willing to come forward and reveal alleged wrongdoings.
Thomas predicts that because of the generous protection provided by this fund and the continued excellence in whistleblower advocacy, more individuals like his client are likely to come forward in the future. The monetary awards given to the Whistleblower will amount to 10 to 30 percent of the money collected as a result of the whistleblowing allegations and any sanctions that follow.
The SEC Whistleblower program is accessible in a variety ways, including phone, email, or through their website. For potential whistleblowers seeking legal assistance and representation, those with seeking assistance will be given a free initial case evaluation. Potential whistleblowers are not required to reveal any personal information about themselves or potential securities violators, although all transactions with Labaton Sucharow’s attorneys are automatically protected by attorney-client privilege laws.