The Second Multi-Million Dollar Litigation Win by the SEC Whistleblower Attorney, Jordan A. Thomas
A landmark ruling on a whistleblower case was made on the 9th of June 2016. The law firm Labaton Sucharow LLP saw their plaintiff getting awarded a compensation of well over $17 million dollars. In the six-year history of the SEC, this is the second highest award to an individual plaintiff by the SEC whistleblower attorney.
It is important to remember that, the figure quoted here represents only 10-30% of the total monetary sanctions recovered by the SEC in their fraud investigations. That means the case ended up recovering a figure between $170 and $510 Million dollars.
As is often the case, the SEC whistleblower opted to remain anonymous. They chose to keep their identity a secret owing to the delicate nature of the high-profile case they were involved in. In the past, there have been reported cases of employees being blacklisted and consequently being unable to find work elsewhere after the case.
Similar Wins Expected In the Future
According to the lead prosecutor in the case, Jordan A. Thomas, many employees are fearful of coming out and exposing the ill-doings in the companies they work for. They fear retribution from the employer. Mr. Thomas predicted that the number of successful trials against fraudulent firms would keep on rising. To him, this was just a beginning of the changing tide in this particular arena.
Nowadays, there are numerous incentives meant to encourage employees to report any security violations. The SEC has put measures in place to ensure that the employees get the right legal representation for the proceedings. What’s more, the SEC guarantees the plaintiff a handsome payoff package provided their claims are found to be true and legitimate.
The program was enacted in 2010 by Congress. It was made possible courtesy of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act is considered to be the most prominent reforms shaking the financial markets since the financial regulations enacted in the Great Depression eras of the 1930’s.
In the wake of this vital financial reforms, numerous law firms specializing in whistleblowing cases started sprouting up. The most notable of them all being the Labaton Sucharow LLP. These litigation firms are staffed with experts from various disciplines. For instance, they have financial analysts and forensic accountant working on their investigative panels. Getting in touch with them is easy. All one has to do is just contact any SEC whistleblower lawyer operating in their area and receive a free case evaluation by the experts.