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Restrictive Covenants and Whistleblowing
In two recent orders, the U.S. Securities and Exchange Commission (SEC) signaled that it is paying particular attention to attempts by companies to prevent former employees from whistleblowing through restrictive covenants contained in severance agreements.
Section 21F was added to the Dodd-Frank Wall Street Reform and Consumer Protection Act to “encourage whistleblowers to report potential violations of the securities laws by providing financial incentives, prohibiting employment-related retaliation, and providing various confidentiality guarantees.” In re BlueLinx Holdings, Exchange Act Release No. 78528, Order Instituting Cease-And-Desist Proceedings Pursuant to Section 21C of the Securities and Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-And-Desist Order, Aug. 10, 2016, available at http://bit.ly/2bwWtWt. (BlueLinx Order).
Since the SEC started allowing whistleblowers to receive financial incentives for reporting securities law violations, it has paid over $100 million in whistleblower awards. U.S. Securities and Exchange Commission, Press Release, SEC Whistleblower Program Surpasses $100 Million in Awards (Aug. 30, 2016), available at http://bit.ly/2elEMrY.
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