2nd Circ. Could Resurrect Zombie SEC Whistleblowers

September 26, 2014

Jordan A. Thomas weighs in on whistleblowers seeking SEC award claims for tips they provided before the Dodd-Frank Act

The New York federal appeals court is set to hear arguments from Larry Stryker, a whistleblower whose award claim was denied by the SEC because he tipped the agency before the July 21, 2010, enactment of the Dodd-Frank Act.

"Unfortunately, the odds are long for the whistleblower in this case because courts typically give deference to the SEC on these type of matters, especially where the applicable statute doesn't expressly authorize the retroactive application of the law," said Jordan Thomas, chair of Labaton Sucharow LLP's whistleblower representation practice.