WASHINGTON D.C./LONDON - 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 February, Hong filed a petition with the court alleging the agencies flouted the law “in bad faith” when assessing whether he was due a payout for helping federal probes into the British bank’s mis-selling of mortgage bonds in the run-up to the 2007-08 financial crisis. The Justice Department and SEC have not said publicly why the RBS settlement was deemed ineligible. The SEC declined to comment while the Justice Department did not immediately provide comment.
It may also pay a reward in related enforcement actions brought by other agencies provided the settlement was based on the same information the tipster originally gave the SEC. A former managing director of risk management at RBS’ U.S. operations, Hong resigned two months into the job after discovering billions of dollars of mortgage bonds had been mispriced.
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