“SEC Whistleblower Reform Act of 2025” Intends to Strengthen the SEC Whistleblower Program

Mar 27, 2025 | KLF Blog

Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) have reintroduced legislation known as the SEC Whistleblower Reform Act of 2025, a bipartisan bill aimed at bolstering protections for whistleblowers who report securities violations.

The legislation seeks to shield whistleblowers from retaliation, ensure timely processing of claims, and prevent the waiver of whistleblower rights through pre-dispute arbitration agreements.

“Patriotic whistleblowers root out waste, fraud and abuse taking place in the shadows, and we should thank them for recovering billions of valuable taxpayer dollars. I’m proud to reintroduce this legislation to increase government accountability by safeguarding the SEC’s Whistleblower Program,” Senator Grassley said.

Senator Catherine Cortez Masto (D-Nev.), another cosponsor, stressed the importance of protecting public servants: “Now more than ever, it’s critical that we protect the brave public servants willing to do what’s right and expose wrongdoing. There is bipartisan agreement that we must strengthen whistleblower protections to ensure they don’t face retaliation for the risks they take.”

Key Provisions of the SEC Whistleblower Reform Act of 2025

The proposed legislation includes several critical measures to strengthen whistleblower protections:

  • Protection Against Retaliation: Whistleblowers who report violations to their direct superiors would be protected from retaliation. Currently, they are only protected if they report directly to the SEC or certain officials.

  • Timely Claims Processing: The bill ensures that claims and awards are processed in a timely manner, addressing previous years-long backlogs.

  • Preservation of Rights: Whistleblowers would be protected from waiving their rights through pre-dispute arbitration agreements.

SEC Whistleblower Program’s Impact

Since its inception under the Dodd-Frank Act in 2010, the SEC Whistleblower Program has proven highly effective, recovering over $6.3 billion in sanctions and returning billions to investors and taxpayers.

In Fiscal Year 2024, the SEC awarded over $255 million to whistleblowers and received over 24,000 whistleblower tips.

Bipartisan Support for the SEC Whistleblower Reform Act of 2025

The SEC Whistleblower Reform Act of 2025, reintroduced with bipartisan support, aims to enhance accountability, protect whistleblowers from retaliation, and expedite claims processing, ensuring the SEC’s Whistleblower Program continues to safeguard investors and promote corporate transparency.

How to Report Securities Fraud to the SEC

To report fraud under the SEC Whistleblower Program:

  • Gather Evidence – Collect documents, emails, or records supporting your claim. The SEC values high-quality, original information.
  • Submit a Tip – Use the SEC’s Tips, Complaints and Referrals Portal or Form TCR (Tip, Complaint, or Referral). A properly submitted Form TCR is required for a whistleblower award.
  • Work with an Attorney – An experienced whistleblower attorney can guide you and protect your rights. Whistleblowers wishing to remain anonymous must be represented by an attorney.
  • Stay Updated – The SEC may contact you for additional information or updates on your case. Continued cooperation may maximize award chances.

Determining Whistleblower Awards

The SEC determines award percentages based on several factors:

Factors That May Increase an Award:

  • Significance of Information – More valuable information leads to higher awards.
  • Assistance Provided – Helping SEC staff decipher transactions or provide key evidence can increase awards.
  • Law Enforcement Interest – Reports of ongoing violations harming investors may receive priority.
  • Internal Compliance Participation – While not required, internal reporting can increase award percentages.

Factors That May Decrease an Award:

  • Unreasonable Reporting Delay – Waiting too long to report a violation may reduce the award.
  • Culpability – Whistleblowers involved in misconduct may receive reduced payouts.
  • Interference with Internal Reporting Systems – Undermining internal compliance may lower an award.

Maximum Whistleblower Award Presumption

Under the 2020 Whistleblower Rule Amendments, whistleblowers are presumed eligible for the maximum 30% award if:

  • The total award does not exceed $5 million.
  • The claimant has no negative factors (e.g., culpability or delay).
  • The claim does not involve whistleblowers engaged in misconduct.

In FY 2024, the SEC applied this presumption in 90% of cases where the maximum award was $5 million or less.

Why Report Securities Violations?

By participating in the SEC Whistleblower Program, individuals help combat fraud, hold violators accountable, and protect investors. With over $2.2 billion awarded to 444 whistleblowers since 2011, the program plays a critical role in exposing wrongdoing.

If you have information about securities fraud, consider consulting a legal professional before submitting a tip.

Learn more about the SEC Whistleblower Program by visiting the SEC’s official Whistleblower FAQ page.

Do You Have Questions or Concerns About Whistleblower Reporting of Securities Fraud to the SEC?

Making the decision to come forward as a whistleblower and report securities fraud to the SEC can be challenging. At Kehoe Law Firm, P.C., our legal team understands the complexities involved and has extensive experience investigating fraud, prosecuting wrongdoing, and working with individuals who bravely expose securities violations.

If you have questions about voluntarily providing information to the SEC as a whistleblower—whether regarding eligibility for a whistleblower award, the reporting process, or the required submission format—please send us a message to be contacted by an attorney for a free, no-obligation evaluation of potential whistleblower claims.

To speak directly with an attorney, please contact either Michael Yarnoff, Esq., [email protected], [email protected], (215) 792-6676, Ext. 804, or John Kehoe, Esq., [email protected], [email protected], (215) 792-6676, Ext. 801.

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

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    ALN Medical Management Data Breach

    Mar 25, 2025 | KLF Blog

    Kehoe Law Firm, P.C. is making individuals aware that Nebraska-based ALN Medical Management, LLC reported a data breach to the New Hampshire Department of Justice, Office of the Attorney General.

    What Caused the ALN Medical Management Data Breach?

    The ALN Medical Management data breach notice stated that “[i]n March 2024, [ALN Medical Management] identified suspicious activity related to certain systems being hosted by a third-party service provider.”

    The company’s “. . . investigation determined that certain files and folders within [its] third-party hosted environment were accessed or taken by an unauthorized actor between March 18, 2024 and March 24, 2024.”

    What Information was Compromised in the ALN Medical Management Data Breach?

    The data breach notice filed with the Office of the New Hampshire Attorney General did not specify which categories of information were affected by the data breach, apart from one’s name.

    However, information from the Data Security Breach Reports section on the Texas Attorney General’s website revealed that 127,113 Texans were impacted by the ALN Medical Management data breach, which exposed the following types of information:

    • Name
    • Social Security number
    • Driver’s license number
    • Government-issued ID number (e.g., passport, state ID card)
    • Financial Information (e.g., account number, credit or debit card number)
    • Medical information
    • Health insurance information

    Did You Receive a Data Breach Notification Letter?

    If you received a notice regarding the ALN Medical Management data breach and have questions about the breach, or have experienced fraud, identity theft, or other harm as a result, Kehoe Law Firm, P.C. can help you understand your rights and explore your legal options.

    For a free, no-obligation legal evaluation, send us a message or contact:

    📞 Michael Yarnoff, Esq. – (215) 792-6676, Ext. 804
    📧 Email: [email protected] | [email protected]

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

    Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

     

     

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    Kehoe Law Firm, P.C.
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    Lafayette Federal Credit Union Data Breach – 75,545 Affected

    Mar 24, 2025 | KLF Blog

    Kehoe Law Firm, P.C. is making individuals aware that Lafayette Federal Credit Union reported a data breach affecting 75,545 individuals to the Office of the Maine Attorney General.

    What Caused the Lafayette Federal Credit Union Data Breach?

    Lafayette Federal Credit Union discovered that “an unknown, unauthorized third party gained access to one LFCU employee email account.”

    The company’s investigation revealed that “an unauthorized third party accessed the email account for a brief period on September 16, 2024, and may have acquired the information contained in the account.”

    What Information was Compromised in the Lafayette Federal Credit Union Data Breach?

    The data breach notice filed with the Maine Attorney General’s office indicated that one’s name, along with other unspecified information, may have been compromised in the data breach.

    Did You Receive a Data Breach Notification Letter?

    If you received a notice regarding the Lafayette Federal Credit Union data breach and have questions about the breach, or have experienced fraud, identity theft, or other harm as a result, Kehoe Law Firm, P.C. can help you understand your rights and explore your legal options.

    For a free, no-obligation legal evaluation, send us a message or contact:

    📞 Michael Yarnoff, Esq. – (215) 792-6676, Ext. 804
    📧 Email: [email protected] | [email protected]

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

    Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

     

     

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]

    Commissions Are Wages Under NJ’s Wage Payment Law

    Mar 21, 2025 | KLF Blog

    New Jersey Supreme Court Unanimously Decides Commissions are Wages //

    Kehoe Law Firm, P.C. is informing New Jersey employees that on March 17, 2025, the New Jersey Supreme Court (the “Court”) unanimously held that “commissions” are “wages” under New Jersey’s Wage Payment Law, N.J.S.A. 34:11-4.1-4.15 (“WPL”).

    The WPL, according to the Court, “defines ‘wages’ as ‘direct monetary compensation for labor or services rendered by an employee, where the amount is determined on a time, task, piece, or commission basis.’ N.J.S.A. 34:11-4.1(c) (emphasis added).”

    As such, according to the Court, “compensating an employee by paying a ‘commission’ for ‘labor or services’ always constitutes a wage under the WPL. Therefore . . . a ‘commission’ under the WPL cannot be excluded from the definition of ‘wages’ as a ‘supplementary incentive.’“

    Key Facts Leading to the Court’s Decision that Commissions are Wages under NJ’s WPL

    The plaintiff, Rosalyn Musker (“Musker”), worked in sales for defendant Suuchi, Inc. (“Suuchi”), a company that sells software subscriptions to apparel manufacturers. Besides her base salary, Musker was eligible for commissions under Suuchi’s Sales Commission Plan (“SCP”).

    In March 2020, Suuchi decided to sell Personal Protective Equipment (“PPE”) on a commission basis, as documented in emails to the company’s sales team. Musker generated approximately $34,448,900 in gross revenue by selling PPE.

    The legal dispute concerned whether the 4% commission Musker was entitled to for the PPE sales was of gross or net revenue, and both sides disagreed about whether Musker’s PPE commissions were “wages” or were excluded from the WPL as “supplementary incentives” under N.J.S.A. 34:11-4.1(c).

    Musker filed a complaint which alleged that Suuchi violated the WPL by withholding her “wages.”

    The trial judge dismissed the WPL claims, holding that Musker’s PPE commissions were not “wages” under the WPL; the Appellate Division affirmed; and the Court granted leave to appeal.

    Key Points of The Court’s Opinion Finding Commissions are Wages 

    According to the Court’s opinion syllabus:

    • PPE sales required Musker to render “labor or services” as an employee of Suuchi;
    • There is no dispute that Musker’s compensation for PPE sales was determined on a commission basis;
    • PPE commissions earned by Musker solely because she performed “labor or services” were “wages” under N.J.S.A. 34:11-4.1(c);
    • Merely because a product is new and potentially sold only temporarily does not mean that sales of that product in some way fall outside the regular “labor or services” an employee provides;
    • Selling PPE became part of Musker’s job, and her compensation for performing that task remained a “wage” within the meaning of the WPL;
    • Whether PPE compensation is governed by the SCP or the March 2020 emails regarding the sales of PPE, and whether the PPE commissions are based on gross or net revenue, is not relevant to the determination that the commissions are wages; and
    • Receiving a base salary does not turn “commissions” into “supplementary incentives” under the WPL.

    Source: Rosalyn Musker v. Suuchi, Inc. (A-8-24) (089665) 

    New Jersey Employees Who Believe Their Employer Has Withheld or Refused to Pay Commissions

    As the New Jersey Supreme Court unanimously decided, under New Jersey’s WPL, commissions are wages.

    If you believe you are a victim of unpaid commissions, you may have legal claims and are encouraged to send us a message or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation legal evaluation.

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.

    Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses. 

     

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]

    California Cryobank Data Breach

    Mar 17, 2025 | KLF Blog

    Kehoe Law Firm, P.C. is making individuals aware that California Cryobank LLC (“California Cryobank”) reported a data breach to the Office of the Vermont Attorney General and the Office of the Maine Attorney General. 

    What Caused the California Cryobank Data Breach?

    California Cryobank’s investigation “. . . determined that an unauthorized party gained access to [its] IT environment and may have accessed and/or acquired files maintained on certain computer systems between April 20, 2024 and April 22, 2024.”

    What Information was Compromised in the California Cryobank Data Breach?

    The data breach notice filed with the Office of the Vermont Attorney General stated that California Cryobank “. . . determined that certain files that were potentially accessed and/or acquired as a result of the incident contain . . . information, including . . . name and one or more of the following: bank account and routing number, payment card number, and/or health insurance information.“

    The data breach notice filed with the Office of the Maine Attorney General stated that “. . . CCB determined that certain files that were potentially accessed and/or acquired as a result of the incident contain some of your information, including your name[,] Social Security number, driver’s license number, financial account number and health insurance information.”

    Did You Receive a Data Breach Notification Letter?

    If you received a data breach notice regarding the California Cryobank data breach and have questions about the breach, or have experienced fraud, identity theft, or other harm as a result, Kehoe Law Firm, P.C. can help you understand your rights and explore your legal options.

    For a free, no-obligation legal evaluation, send us a message or contact:

    📞 Michael Yarnoff, Esq. – (215) 792-6676, Ext. 804
    📧 Email: [email protected] | [email protected]

    About Kehoe Law Firm, P.C.

    Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors. We litigate securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    KLF’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.

     

     

    SEND US A MESSAGE

    Contact Us

    ADDRESS

    Kehoe Law Firm, P.C.
    2001 Market Street
    Suite 2500
    Philadelphia, PA 19103

    PHONE

    Tel: 215-792-6676

    EMAIL

    [email protected]

    Cadillac, Chevrolet Camaro Recall – 90,081 Cadillac and Camaro Vehicles Recalled Over Wheel Lock-Up Risk

    Mar 16, 2025 | KLF Blog

    Kehoe Law Firm, P.C. is notifying consumers that General Motors LLC (“GM”) has issued a recall affecting certain Cadillac and Chevrolet Camaro vehicles. 

    GM Issues Recall for Wheel Lock-Up Risk 

    GM is recalling the following vehicles equipped with a 10-speed transmission, due to the risk of internal transmission damage, which may cause the front wheels to lock-up and increase the risk of a crash:

    • 2019-2020 Cadillac CT6
    • 2020-2021 CT5
    • 2020-2021 CT4
    • 2020-2022 Chevrolet Camaro 

    Recall Remedy

    Dealers will install transmission control module monitoring software, free of charge.

    Owner notification letters are expected to be mailed beginning April 21, 2025.

    Owners may contact Cadillac customer service at 1-800-333-4223 or Chevrolet customer service at 1-800-222-1020. GM’s number for this recall is N242480630.

    Additional Details About the Cadillac and Chevrolet Camaro Recall 

    More information about the recall can be found in the following official documents:

    How to Check if Your Vehicle Has Been Recalled

    To determine if your vehicle is subject to this recall, please click Check for Recalls to easily search vehicles, car seats, tires and other equipment for safety recalls, investigations, complaints and manufacturer communication.

    Questions About A Vehicle Defect or Recall?

    Vehicle owners and lessess affected by automotive defects or safety recalls are encouraged to contact Kehoe Law Firm, P.C. by sending us a message below or contacting Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation evaluation of potential legal claims.

    About Kehoe Law Firm, P.C. 

    Kehoe Law Firm, P.C is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors. We litigate securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.

    Our class action legal services are on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.