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The U.S. Securities and Exchange Commission (SEC) has signaled that it will take aggressive action against employers who, by way of employment-related agreements, restrict, prohibit, or otherwise...
The U.S. Securities and Exchange Commission (SEC) has signaled
that it will take aggressive action against employers who, by way
of employment-related agreements, restrict, prohibit, or otherwise
discourage employees from reporting suspected securities law
violations. For example, in September 2023, an employer agreed to
pay $10 million to settle claims that it had (1) utilized
confidentiality agreements prohibiting employee disclosure of
confidential company information to third parties, without an
exception for SEC whistleblowers; and (2) similarly required
employees to sign releases stating that they had not filed
complaints with any government agency in order to receive deferred
compensation. Given the SEC's escalated enforcement efforts and
attention to this issue, employers should carefully review their
employment-related agreements to ensure that the language accounts
for, and does not run afoul of, the foregoing considerations. In
particular, employers should closely assess confidentiality,
nondisclosure, and standard release agreements to confirm that
appropriate carveouts have been drafted regarding employee
reporting to the SEC.
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