July 09, 2024
The Fifth Circuit heard oral arguments Tuesday in a case accusing the U.S. Securities and Exchange Commission of shortchanging two whistleblowers who uncovered the largest fraud in Texas history, with one judge pressing the agency's attorney over how much money it was able to collect after the fraudster declared bankruptcy.
December 14, 2023
A $38.7 million judgment shouldn't be the baseline for two whistleblower award calculations, the U.S. Securities and Exchange Commission told the Fifth Circuit, adding funds distributed in a Chapter 11 case fall outside of possible whistleblower collections.
October 17, 2023
Two whistleblowers have urged the Fifth Circuit to make the U.S. Securities and Exchange Commission increase the awards they received for helping the agency with a securities fraud case, arguing the SEC used the target firm's bankruptcy to justify giving them just $26,000 combined in an action that collected more than $1 billion.