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ARTICLE · 12 JUNE 2015

SEC To Pay Highest Possible Whistleblower Award In First Retaliation Case

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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In the first anti-retaliation case against a New York-based hedge fund advisory firm, the SEC recently announced that the whistleblower at the centre of the case would receive the highest possible award.

United StatesEmployment and HR
Patrick Ploeger
Patrick Ploeger
Geert Potjewijd
Geert Potjewijd
Rick Van ’T Hullenaar
Rick Van ’T Hullenaar
Roan Lamp
Roan Lamp
Marnix Somsen
Marnix Somsen
Richard Van Staden Ten Brink
Richard Van Staden Ten Brink
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In the first anti-retaliation case against a New York-based hedge fund advisory firm, the SEC recently announced that the whistleblower at the centre of the case would receive the highest possible award: 30% of the penalties issued. We first reported on this case in July 2014. The whistleblower, according to the SEC, provided key original information that led to successful enforcement action. The reason for issuing the highest possible award was that the whistleblower had suffered unique hardships, including retaliation.  As the penalty amount collected exceeded USD 2 million, the whistleblower will receive more than USD 600,000. This award shows, according to the SEC, that the SEC is committed to protecting whistleblowers against retaliation. Companies are advised to refrain from taking retaliatory action and to make sure that their internal policies do not silence whistleblowers.

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