On September 23, 2025, in Park v. Shinhan Bank America, the U.S. District Court for the Southern District of New York dismissed whistleblower retaliation claims brought by four former compliance officers of Shinhan Bank America (“SHBA”) pursuant to Rule 12(b)(6). No. 22-CV-10331 (VSB). The claims arose under the Anti-Money
WHISTLEBLOWER PROTECTION RULES
Words Matter: Three Key Steps to Mitigate SEC Enforcement Risks Relating to Whistleblower Carveout Language
Since 2015, the SEC has brought nearly two dozen enforcement actions for violations of the whistleblower protection rules under Rule 21F-17(a) against employers for actions taken to impede reporting to the SEC. The bulk of these actions have focused on language in employee-facing agreements that allegedly discouraged such reporting. The…