Yes, there are rewards potentially available to those who reveal wrongdoings. PR Newswire broke the story about a near-record sum of money for “blowing the whistle” on wrongdoing. The law firm of Labaton Sucharow LLP recently represented a client who received an incredible award of $17 million.
The name of the client and the entity at the center of the wrongdoing claims have not been revealed to the public. There are privacy matters that must be protected. Who the particulars of the case actually are is not important. What is important is the SEC takes reports of improper activity very seriously. In addition, those who act as whistleblowers can receive compensation for the risks they take coming forward.
The issuance of funds is not an arbitrary matter. In other words, the SEC does not pick and choose who is able to receive funds. Deliberate legislation written by Congress details the specifics of whistleblower claims. The bill signed into law to address financial and regulatory reforms was dubbed “Dodd-Frank” after the lawmakers who drafted it. The lengthy legislation covers a lot of territory. Among the aspects of the law were protections for whistleblowers and a “commission” of sorts for money recovered via fines and sanctions.
While the law is very clear on matters, there are still legal issues to address. Some points may be open to interpretation or administrative adjudication. This is why having a lawyer able to handle representation for a whistleblower is so important. An attorney may be able to maximize the award and ensure a timely payment.
Working with an attorney also takes a lot of work off the proverbial back of the whistleblower. The various steps required to report on the misconduct do have to be done in the right manner. An experienced attorney who specializes in whistleblower representation and litigation is surely going to be skilled enough to reduce the burden off a client’s back. That alone should make many be more willing to come forward.