In June 2016, Labaton Sucharow announced that the Security Exchange Commission (SEC) had awarded their client over $17 million. This is because the client (whistleblower) had exposed a possible major violation in the financial service industry. It is now close to six years after the whistleblower program came into existence. This prize money is regarded as the second largest to be issued by the SEC to a whistleblower. The whistleblower provided accurate information against a major figure in the financial markets. Because of his actions, the SEC managed to recover huge amounts of money that would have otherwise been embezzled.
The client chose to report the case anonymously through Jordan A. Thomas, a SEC whistleblower lawyer. This way, the whistleblower was able to avoid blacklisting and retaliation. Jordan Thomas, the Chair of the Labaton Sucharow’s Whistleblower Representation, applauded his client’s boldness to bring out such crucial information. He stated that in future, SEC would handle more of such cases from courageous whistleblowers. Jordan added that the present case was the beginning of many others to come. The SEC whistleblower attorney was also the first to represent a public company officer who later received a whistleblower award. In addition, he represented the first case where the SEC charged an employer for attempting to retaliate against a whistleblower.
The enactment of the Dodd-Frank Act in 2010 brought many reforms. It created a whistleblower program that sought to protect employment and financial incentives. The Act enabled individuals to report any violations regarding the federal securities laws to the SEC. The program offers eligible whistleblowers 10-30% of the total money collected from a successful case. The Congress established an Investor Protection Fund to ensure there are adequate funds to pay awards to eligible whistleblowers. Labaton Sucharow was the first law firm to administer the whistleblower program by protecting and advocating for SEC whistleblowers.
For over 50 years, Labaton Sucharow LLP has been representing institutional investors, individuals and businesses in business litigation and complex litigation regarding securities. The law firm has been successful because of its team of qualified employees. Its whistleblower representation practice entails a first-class in-house group of investigators and forensic accountants who are highly experienced in matters of law enforcement. The firm’s financial analysts play a significant role in the entire process of whistleblower representation. The entity’s culture of excellence has seen it emerge as one of the leading law firms based on its rankings by The National Law Journal’s Plaintiff’s Hot List, Chambers & Partners, the Benchmark Litigation and the Legal 500. This information was originally reported on PRNewswire as explained in the following link http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html