Whistleblower Lawyer Sues the SEC Over Bounty Program Rule Changes

In an article published in The Wall Street Journal, Whistleblower Practice Chair Jordan A. Thomas’ role in the development of the SEC Whistleblower Program, his high profile cases and what led him to file a lawsuit against the SEC are discussed.

The article notes that the SEC Whistleblower Program offers eligible whistleblowers awards between 10 to 30% of the monetary sanctions collected and that Jordan “has represented tipsters in several large securities-law cases involving Wall Street firms.” It revealed that Jordan represents “37 tipsters whose cases are at various stages of the process.”

In September 2020, the Commission approved new rules for its whistleblower program. These rules “have drawn criticism from other whistleblower lawyers who worry that the SEC could use the amendments to limit some of its largest whistleblower payouts.”

The article notes that the SEC Whistleblower Program offers eligible whistleblowers awards between 10 to 30% of the monetary sanctions collected and that Jordan “has represented tipsters in several large securities-law cases involving Wall Street firms.” It revealed that Jordan represents “37 tipsters whose cases are at various stages of the process.”

When asked why he was bringing the lawsuit, Jordan said, “[t]his is not something that I did lightly. This is something that I had to do on behalf of my existing clients.”