High profile SEC Whistleblower lawyer, Jordan Thomas is pleased with the Securities and Exchange Commission ruling to award their client the second largest settlement. His client reported violations and misconduct of a national financial services institution and received over $17 million. Thomas helped establish the SEC Whistleblower Program approximately six years ago by drafting and implementing legislation. He participated in the developmental process while serving as SEC’s Assistant Director and Assistant Chief Litigation Counsel. Jordan is the first attorney to specialize in SEC Whistleblower Law and is recognized in the legal industry as an Attorney Who Matter and One of the Most influential Black Attorneys in the nation.
Labaton Sucharow’s client is awarded 10 percent up to 30 percent of the monetary sanctions ordered by the Securities and Exchange Commission. The anonymous whistleblower is protected under the Dodd-Frank Act which forbids all forms of retaliation from employers. SEC thoroughly investigated the client’s submitted tip and credible information that resulted in a sanction order for the financial institution to pay approximately $170,000,000 or more. Jordan said he expects more whistleblowers to come forward and expose the misconducts of corporations and financial institutions. Before winning this case, the law firm successfully won cases for an officer and employee who was retaliated against for reporting an employer.
Jordan Thomas and his legal team recently filed a lawsuit against a biotechnology company that researches and develops medicines to treat multiple sclerosis. The securities class action lawsuit was filed in October on behalf of investors, the Electrical Workers Pension Fund, and companies who invested in its stocks. Sucharow’s clients accuse the company and specific executives of disclosures and financial statements misrepresentation. The biopharmaceutical company allegedly failed to disclose accurate information pertaining to the safety and growth of Tecfidera. Actually, physicians stop prescribing the drug to their patients after discovering it weakens the immune system and resulted in a patient’s death.
Labaton Sucharow is not only the first national law firm to practice SEC Whistleblower Law, but an advocate of the program. Visit the firm’s SEC Whistleblower Advocate website to learn how to participate in the program and the process. Jordan Thomas has seen a rise in whistleblowers coming forward since the SEC Whistleblower Program was enacted. He and the Labaton legal team have successfully represented courageous whistleblowers by ensuring protection and winning cases.