Number Of Whistleblower Complaints Explodes – Corporate/Commercial Law

United States:

Number of whistleblower complaints exploded

November 24, 2021

Cooley LLP

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Since the beginning of the COVID-19 pandemic, the number of whistleblower complaints received by regulators has exploded on both sides of the Atlantic. That’s the subject of this new Cooley Alert, Whistleblower Complaints and Rewards Explode Worldwide from our White Collar Defense and Investigations group.

On November 15, 2021, the SEC announced that it had paid out more whistleblower awards in fiscal year 2021 than in all previous years combined since the whistleblower program began in 2011. The agency announced that it had paid out approximately $ 564 million paid to 108 people based on over 12,200 whistleblower tips – an increase of approximately 76% over FY 2020. This came after the agency reported a historic increase in the number of notices received in FY 2020, including 6,900 whistleblowers -Tips what was the highest value it had ever received in a single financial year up to that point. The trend is similar in Europe, with two well-known whistleblower protection charities (Protect and WhistleB) reporting an increase in the number of whistleblower complaints of up to 40% in 2020-21 compared to previous years. For more information on these developments, including strategies and best practices, see the new alert.

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