Labaton Sucharow has been in the business of assisting clients present their cases to the SEC and through their effort, many have received compensation for their effort in the fight against securities violations. As James Thomas, the Chair of the firm’s Whistleblower Representation Program explains, the client shared information that many in the industry would not share for fear of exposing their bosses.
As an experienced SEC Whistleblower attorney, he argues that this is an encouraging move that should push others with similar information to come for assistance at Labaton Sucharow. The fact the client earned the second biggest stake since the SEC Whistleblower program was incepted says a lot about Labaton Sucharow and their ability when it comes to pushing for solutions that can reward the whistleblowers.
About the SEC Whistleblower Program
In 2010, the federal government convened and one of the main reasons they did so was to amend the Consumer Protection Act. Through this effort several bodies were formed among them the SEC Whistleblower Program to champion the fight against securities violations. Previous laws were not sufficient to allow smooth running of the program and it would prove challenging to guarantee one a solution when presenting cases about securities violations. Therefore, the SEC Whistleblower program came with solutions to common issues that were ailing the business world.
Some of the things that came with the program include the anonymous reporting capabilities, which allow whistleblowers to share information without risking their identity. The information shared is only handled by the body and the individual is shielded from exposure to the public, something that barred hundreds from presenting their cases previously for fear they would become victims of intimidation.
Most importantly, the SEC Whistleblower program introduced the international reporting capabilities, which surpass the barriers of difference in jurisdictions. The laws allow one to present cases regardless of whether one is from a different jurisdiction. To confirm the effectiveness of this provision, the SEC announced that the 2011 statistics showed that 11 percent of the cases brought before the body were from other jurisdictions. http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html