Katz Banks Kumin Secures More than $8 Million in Awards for Whistleblower Clients

December 6, 2023

WASHINGTON, D.C. (December 6, 2023), Today, Katz Banks Kumin LLP announced that two of the firm’s clients will receive more than eight million dollars in whistleblower awards from the U.S. Securities and Exchange Commission.

These awards are part of a recent SEC action awarding more than $104 million to seven different whistleblowers — and is, collectively, the fourth largest in the history of the SEC’s Whistleblower Program.

Adam Herzog, Colleen Coveney and David Marshall of Katz Banks Kumin represented the anonymous whistleblowers. “We are so proud of these two deserving individuals,” said Herzog. “They could have easily stood by and remained silent after seeing others breaking the law. Instead, they did the hard thing. They spoke up, at significant risk to themselves, because they knew it was the right thing to do.  It is a remarkable thing to have witnessed their bravery in action, and we are thrilled that the SEC has recognized their courage through this award.”

Fellow Katz Banks Kumin partner Colleen Coveney agreed.  “This was a complex action, and our clients’ provided their expertise and intelligence to identify and explain the wrongdoers’ complicated schemes.  They did so all while facing the very real threat of retaliation for speaking up and sharing their information. Their contributions made a difference here.”

The SEC recognized the clients’ significant contributions to the agency recovery, including not just the clients’ provision of information via their initial tip, but also their ongoing assistance throughout the investigation. Their whistleblowing efforts helped lead the SEC’s successful enforcement action and a related action pursued by another agency.

These are the second and third SEC whistleblower award shares received by Katz Banks Kumin clients in just the last few months.  Adam Herzog commented, “These results are proof that the SEC’s program is working.  We continue to be impressed with the high quality of both the whistleblowers we help participate in the program and the SEC staff who work with our clients and make great use of their tips.  The SEC’s investigators and Office of the Whistleblower staff care deeply about their mission of protecting the public and investors. At the same time, they understand our client’s perspectives and are quite respectful of their needs, including taking all necessary steps to protect their identities and allowing for the free flow of critical information to the regulators.”

Congress created the SEC Whistleblower Program as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the SEC program rules, an individual who voluntarily provides original information that leads to an enforcement action resulting in over $1 million in monetary sanctions is entitled to receive an award in the amount of 10 to 30% of the moneys collected. As of August 2023, the SEC has issued more than 350 whistleblower awards since the program’s inception in 2011, totaling over $1.7 billion in whistleblower awards.

About Katz Banks Kumin, LLP

The lawyers of Katz Banks Kumin are nationally recognized leaders in the areas of whistleblower law, sexual harassment law, wage and hour law, employment law, Title IX discrimination, and civil rights and civil liberties matters. They provide advice and representation on a wide range of whistleblower matters, including whistleblower retaliation cases and reward programs before the SEC and other federal whistleblower rewards programs. They are dogged advocates for their clients and are highly regarded by their adversaries for their tenacious representation of their clients. The firm handles cases nationwide with offices in Washington, D.C., Philadelphia, and San Francisco. 

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