SEC Issues $5 Million to Whistleblower

SEC

The Securities and Exchange Commission today announced a $5 million award to a whistleblower who provided significant information that led to a successful enforcement action.  The whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally. read more »

Corporate America seeks legal protection for when coronavirus lockdowns lift

REUTERS

Major U.S. business lobbying groups are asking Congress to pass measures that would protect companies large and small from coronavirus-related lawsuits when states start to lift pandemic restrictions and businesses begin to reopen. read more »

Businesses Say Big Banks Flouted ‘First Come First Served’ for Aid

NEW YORK TIMES

Small-business owners have accused some of the country’s largest banks of unfairly favoring applications from their wealthiest clients for aid under a $349 billion government stimulus program.

Customers of Bank of America, JPMorgan Chase and Wells Fargo have sued the banks in federal court, saying data provided by the Small Business Administration on the average size of the loans shows they doled out money to larger customers first. read more »

Justice Department Announces Additional Distribution of More than $378 Million to Victims of Madoff Ponzi Scheme

DOJ

Tthe Department of Justice today announced that on April 20, the Madoff Victim Fund (MVF) began its fifth distribution of approximately $378.5 million in funds forfeited to the U.S. Government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, bringing the total distributed to over $2.7 billion to nearly 38,000 victims worldwide. read more »