LAWSUITS NEWS & LEGAL INFORMATION
Whistleblower Receives $10M Confidential Settlement
This is a settlement for the Whistleblower lawsuit.
Santa Clara, CA: A whistleblower has been awarded $10 million by the US Commodity Futures Trading Commission (CFTC) Whistleblower Office for providing information leading to a successful enforcement action by the agency.
The award is the second largest ever issued by the agency, and steps have been taken by the CFTC to ensure the recipient's confidentiality, as they have also done with the company being penalized.
The CFTC Whistleblower Program was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the CFTC Whistleblower Program, an individual who provides the CFTC with original information leading to an enforcement action that results in over $1 million in monetary sanctions is eligible to receive an award of 10 to 30 percent of the amount collected. The statute also provides whistleblowers with protections to help ensure that insiders can approach the CFTC with information without fear of reprisal.
Any individual who witnesses corporate wrongdoing can file a complaint or "blow the whistle" to launch a lawsuit and hold the party accountable for its actions. Typically, the whistleblower receives a percentage of the lawsuit settlement funds and federal laws protect whistleblowers from unnecessary retribution such as wrongful termination.
Published on Apr-11-16
The award is the second largest ever issued by the agency, and steps have been taken by the CFTC to ensure the recipient's confidentiality, as they have also done with the company being penalized.
The CFTC Whistleblower Program was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the CFTC Whistleblower Program, an individual who provides the CFTC with original information leading to an enforcement action that results in over $1 million in monetary sanctions is eligible to receive an award of 10 to 30 percent of the amount collected. The statute also provides whistleblowers with protections to help ensure that insiders can approach the CFTC with information without fear of reprisal.
Any individual who witnesses corporate wrongdoing can file a complaint or "blow the whistle" to launch a lawsuit and hold the party accountable for its actions. Typically, the whistleblower receives a percentage of the lawsuit settlement funds and federal laws protect whistleblowers from unnecessary retribution such as wrongful termination.
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