RopesTalk Navigating Whistleblower Trends and Risk Mitigation Under a New Administration
Mar 25, 2025
Dan O’Connor, a litigation and enforcement partner at Ropes and Gray and a former SEC trial lawyer, dives into the transformative landscape of whistleblower policies. He discusses the SEC's focused enforcement under the Biden administration and compares it with prior approaches. They explore how potential political shifts could reshape the False Claims Act and whistleblower dynamics. Recent federal laws enhancing protections against workplace harassment are also highlighted, revealing their significance for victims and enforcement practices.
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SEC Whistleblower Awards Surge
- SEC whistleblower awards more than tripled under Biden to $1.6 billion from $453 million under Trump.
- The SEC under Biden pursued larger penalties and more creative enforcement avenues.
SEC's Rule 21F Enforcement Shift
- SEC under Biden aggressively enforced Rule 21F, targeting companies for technical violations.
- Trump’s prior SEC was less aggressive, focusing on actual chilling rather than technicalities.
Bipartisan FCA Support and Enforcement
- Both major parties consistently support the False Claims Act (FCA) for government fraud enforcement.
- Whistleblowers and plaintiff lawyers are key to FCA enforcement, especially amid government resource limits.