New York-based asset manager BlackRock Inc. agreed Tuesday to pay a $340,000 penalty to settle SEC charges that it forced more than a thousand exiting employees to waive their ability to obtain whistleblower awards.
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The U.S. Securities and Exchange Commission has warned investment advisers and broker-dealers to comply with the Dodd-Frank whistleblower-protection rule.
Health Net Inc. paid a $340,000 penalty Tuesday to the SEC for illegally using severance agreements that required outgoing employees to waive their ability to obtain monetary awards from the SEC’s whistleblower program.
David J. Marshall: SEC breaks new ground, bans employer-imposed waiver of right to whistleblower award
The Securities and Exchange Commission sent a strong message to employers nationwide last week when it issued a cease-and-desist order against a company that required departing employees, as a condition of receiving severance, to sign an agreement waiving their right to any award from the SEC Whistleblower Program for reporting securities law violations.
The Securities and Exchange Commission Wednesday said an Atlanta-based building products distributor violated securities laws by using severance agreements that required departing employees to waive their rights to recover money from any whistleblower claims they filed with the SEC or other federal agencies.