Monthly Archives: April 2017
Trump: Pharmaceutical Companies are ‘Getting Away with Murder’
One of the big takeaways from President Donald Trump’s first press conference since being elected was his claim that the pharmaceutical company is “getting away with murder” in terms of drug prices and spending. He has promised to change the way the United States bids on drugs and lower expenses for medication. Currently, federal law […]
JP Morgan Fined for Whistleblower Retaliation
Per a recent decision from the U.S. Department of Labor, JPMorgan Chase wrongfully retaliated against a former employee who had raised questions about the sales tactics and investment products offered by the bank. As a result, the bank had to pay back wages and damages to the employee, Johnny Burris, who had been a broker […]
SEC Charges 2 Companies with Whistleblower Retaliation
The U.S. Securities and Exchange Commission (SEC) recently charged two different companies with whistleblower retaliation, leading to a pair of high-price settlements within a day of each other. The first of these two enforcement actions was against Neustar, a technology company, which agreed to pay $180,000 to settle charges that it had severance agreements that […]
SEC, Congress Take Steps to Protect Whistleblowers by Targeting Severance Agreements
A pair of recent enforcement actions by the SEC describe ways in which severance agreements could violate whistleblower protections as outlined in federal securities laws. When employers provide severance packages, there are usually agreements waiving the employee’s right to receive any future payments, sometimes including payments from third parties, including government bodies like the SEC. […]
SEC Issues First Ever Penalty for Internal Whistleblower Retaliation
The U.S. Securities and Exchange Commission recently announced that SandRidge Energy, an Oklahoma-based oil and gas company, would pay out $1.4 million to settle claims of retaliation against a whistleblower and use of illegal language in separation agreements with employees. The penalty marked the first time ever a company was penalized for actions taken against […]
2016 Was by Far the SEC Whistleblower Program’s Biggest Year
There were numerous milestones in 2016 for the SEC Whistleblower Program, in many regards. It marked five years since the program was created under the Dodd-Frank Wall Street Reform Act, saw the second-largest bounty in the history of the office and reached milestone numbers of total awards. The following is a brief overview of some […]
Infosys GC Receives $1 Million Severance Upon Departure from Company
Infosys Ltd., the second-largest provider of software services in India, announced its general counsel and chief compliance officer, David Kennedy, was leaving the company effective December 31. The announcement was considered noteworthy because of its seemingly sudden nature and the fact that Kennedy received a $1 million severance package upon his departure. His severance package […]
CSU’s Latest Whistleblower Settlement Worth $1.3 Million
Chicago State University recently agreed to a $1.3 million settlement in a whistleblower suit brought forth by a former university administrator who claimed he was fired for reporting financial wrongdoing by the university’s then-president. It was the second such settlement the university was forced to pay in the last three years. The case was scheduled […]
