The U.S. Second Circuit Appeals Court will on Tuesday consider arguments by an ex-Royal Bank of Scotland employee who is suing the U.S. Justice Department and Securities and Exchange Commission for a bounty he says he is owed under a whistleblower program.
In August 2018, RBS agreed to pay US$4.9 billion to end the probes, which were led by the Justice Department. No portion of that fine has ever been deemed eligible for a reward under the whistleblower program, public records show. Currently, the SEC can reward tipsters whose original information leads to a penalty exceeding US$1 million with rewards of between 10per cent and 30per cent of the fine.
The court will consider that option on Tuesday, or it may require the agencies to produce documents on how they handled the case, or conclude that the agencies breached Dodd Frank and force them to process Hong's reward claim. He later met with Justice Department officials in December 2014, and provided testimony and documents, according to the filings which include copies of subpoenas, Hong's formal SEC tip, and emails with Justice Department officials.
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Source: The Straits Times - 🏆 8. / 63 Read more »