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ARTICLE · 20 OCTOBER 2016

SEC Cracks Down On Whistleblower Retaliation As OSC Whistleblower Program Ramps Up

Osler, Hoskin & Harcourt LLP
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On September 29, 2016 the SEC announced that it had issued orders in relation to settled proceedings with casino-gaming company, IGT, in relation to charges of whistleblower retaliation.

CanadaCorporate/Commercial Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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Whistle squeezing in a G-clamp

On September 29, 2016 the Securities Exchange Commission ("SEC") announced that it had issued orders in relation to settled proceedings with casino-gaming company, International Game Technology ("IGT") in relation to charges of whistleblower retaliation. While IGT did not admit to any wrongdoing, IGT agreed to pay the SEC $500,000 for terminating the employment of an employee with consistently positive performance reviews, after he reported to the SEC and internally to IGT that IGT's financial statements might be distorted. In combination with the SEC's power to provide monetary rewards to whistleblowers (a power that has led to the making of significant awards), the SEC's power to protect whistleblowers from employer retaliation is a key pillar of its successful whistleblower program.

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