Whistleblower Tips Tick Up in 2014, Nine of 14 Awards Have Come in Past Year
Bloomberg BNA Class Action Litigation Report
November 19, 2014
Jordan A. Thomas on new report out by the Securities and Exchange Commission’s (SEC) Office of the Whistleblower
According to the report, in fiscal year (FY) 2014 the SEC received 3,620 whistleblower tips, up from 3,238 in 2013 and 3,001 in 2012. Additionally, in FY 2014, more than 80 percent raised concerns internally to their supervisors or compliance personnel before reporting.
It ‘‘is kind of a bittersweet thing,’’ remarked Jordan Thomas, head of the whistleblower representation practice at Labaton Sucharow LLP in New York. ‘‘It’s sad to think that some organizations aren’t doing the right thing, but it’s also important to show that responsible organizations have the opportunity to address problems before their employees report to the SEC.’’