Whistleblowers 101 - DOJ, SEC, and CFPB Enforcement Trends
The Department of Justice recovered $3.3 billion in lawsuits filed by whistleblowers in FY2012 under the False Claims Act (FCA), and awarded more than $400 million to whistleblowers. Record-breaking lawsuits filed under the recently reinvigorated Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) also are attracting increased whistleblower attention. At the same time, in its first full year of existence since its Dodd-Frank creation, the SEC's whistleblower office received over 3,000 tips, complaints and referrals. It awarded its first whistleblower bounty in August, paying an anonymous tipster the maximum payout allowed by law. Meanwhile, Sarbanes-Oxley's (SOX) whistleblower protections continue to have widespread implications for financial institutions. Even the Consumer Financial Protection Bureau (CFPB) actively is seeking whistleblower tips from financial institution employees, competitors, and "industry insiders."
In this enforcement environment, whistleblower lawsuits, tip submissions, bounty applications, and retaliation claims are a growing area of risk and concern for financial institutions. We overviewed whistleblower efforts, recovery programs and protections under the FCA, FIRREA, Dodd-Frank, SOX, and by the CFPB; discussed recent trends for enforcement; and reviewed what you need to know about preventing or mitigating whistleblower risk.
Date: Thursday, April 11, 2013
Time: 2:00 pm - 3:00 pm ET
- Andrew W. Schilling: The former Chief of the Civil Division of the U.S. Attorney's Office for the Southern District of New York (SDNY), Mr. Schilling established the SDNY's Civil Frauds Unit, which investigates and prosecutes complex financial fraud cases, including FCA and FIRREA cases. Mr. Schilling leads the New York office's government enforcement practice.
- Michelle L. Rogers: Ms. Rogers counsels clients in connection with CFPB examinations, conducts internal investigations in whistleblower matters and represents clients in cases involving the DOJ, the Department of Housing and Urban Development, and the Federal Housing Finance Agency, among others, in cases involving the FCA and FIRREA.