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In an article published in Law360, Whistleblower Practice Chair Jordan A. Thomas’ legal concerns about the new program rules, the rules impact on his whistleblower clients and the lawsuit that he filed on their behalf are discussed.
The article outlines the key pillars of the SEC Whistleblower Program and how the rules have changed over time. It notes that Jordan’s complaint alleges that “[t]he Commission recently amended its whistleblower rules for the express purpose of decreasing the size and number of whistleblower awards it issues” and that the “final rule will have devastating effects on the commission’s whistleblower program because it will disincentivize knowledgeable individuals from coming forward and blowing the whistle.”
The journalist described Jordan as a “vocal critic” of the new rules and quotes him as saying “In reliance on the prior rules, courageous whistleblowers have put their careers and lives on the line to assist the commission—including wearing FBI wires, testifying in high-profile trials, and smuggling key documents out of foreign countries. Now in the middle of the proverbial football game, the commission has moved the goal posts on literally hundreds of SEC whistleblowers.”
The story reveals that Jordan has “nine whistleblower clients who are awaiting a final determination from the Commission on tips that led to monetary sanctions exceeding a total of $1 billion, and which could result in more than $300 million in awards.”
Jordan is quoted saying, “I am very confident that the courts will vacate the commission’s ill-advised rulemaking,” noting that he brought the case to protect his own clients as well as the broader whistleblower community.