The Securities and Exchange Commission’s (SEC) Fiscal Year 2020 report notes that 2020 is a record year for the Whistleblower Program. Since the program was established in 2011, whistleblower tips have resulted in the Commission awarding 106 individuals approximately $562 million. With awards totaling approximately $175 million to 39 individuals, 2020 is the program’s highest-grossing year in its history.
Since the end of the Fiscal Year, the Whistleblower Program has continued to reach new milestones. The Commission issued the largest award in its history – $114 million to one whistleblower on October 22nd.
As we end the year and reports continue to come in, we take a look at the largest whistleblower settlements to date in 2020.
SEC Awards Nearly $50 Million To A Single Whistleblower
Date: June 04, 2020
Awarded: $50 million
In June, the SEC awarded nearly $50 million to a whistleblower who provided detailed, firsthand observations of misconduct by a company that resulted in a successful enforcement action that returned a significant sum of money to harmed investors. This is the largest amount ever awarded to a single individual under the SEC’s whistleblower program, eclipsing the $39 million awarded to a whistleblower in 2018.
Wireless Carriers Verizon, AT&T Pay $116 Million
Date: Sept. 24, 2020
Awarded: $116 million
Back in September, AT&T and Verizon Wireless, two of the nation’s largest wireless providers, agreed to pay a combined $116 million to settle a whistleblower lawsuit. The suit claimed that the mobile service providers overcharged California government customers for more than a decade. The case represented the second-largest California False Claims Act settlement outside of the healthcare industry.
SEC Issues Record $114 Million Whistleblower Award
Date: Oct. 22, 2020
Awarded: $114 million
In October of this year, the SEC awarded $114 million to a whistleblower whose information and assistance led to the enforcement of SEC and related actions. The $114 million award consists of an approximately $52 million award in conjunction with the SEC case and a roughly $62 million award resulting from another agency’s actions.
The combined total marks the highest award in the SEC program’s history, eclipsing the next highest made earlier in June.
Contact a Whistleblower/Qui Tam Attorney
Organizations and individuals make fraudulent claims that can cost state and federal governments billions of dollars each year. If you are aware of false claims made to government agencies, call us today. Over the years, our attorneys have helped whistleblowers earn millions for their bravery.
Contact us today and speak to one of our attorneys, or go online and fill out our free, no-risk case evaluation form to have one of our whistleblower/Qui Tam attorneys review your case.