Bloomberg) — The U.S. Securities and Exchange Commission agreed to pay a total of $50 million to a pair of whistleblowers who provided information that helped the agency win a $267 million settlement with JPMorgan Chase & Co. over claims that the bank failed to inform wealthy clients of conflicts of interest in managing their money.
One of the informants will get $37 million, the third-biggest payout in the history of the SEC’s whistleblower program, the agency said in a statement Tuesday. The SEC didn’t name the company involved or the people getting the awards, citing federal law that protects confidentiality.
Labaton Sucharow, a law firm that represents one of the whistleblowers, disclosed the link to the JPMorgan case after the SEC’s announcement.
“Blowing the whistle is rarely easy, and it certainly hasn’t been for my client, but this historic SEC whistleblower award and related enforcement action reaffirms that doing the right thing pays,” Jordan Thomas, the whistleblower lawyer, said in a statement. Thomas said his client is a JPMorgan executive.Read more here.