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NY A07304
Bill
Status
5/4/2015
Primary Sponsor
Annette Robinson
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AI Summary
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Establishes whistleblower award program providing 10-30% of monetary sanctions exceeding $1 million to whistleblowers who provide original information leading to successful securities fraud enforcement actions by the Attorney General or related actions by state/local agencies.
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Prohibits retaliation against whistleblowers by employers, contractors, or agents, with remedies including reinstatement, back pay (doubled), injunctions, and attorney fees; creates private right of action with 10-year statute of limitations.
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Extends similar whistleblower incentives and protections to the Department of Financial Services for violations of banking, insurance, and financial services laws, with awards ranging from 10-30% of monetary sanctions.
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Protects whistleblower confidentiality unless disclosure required for enforcement actions or court orders; allows sharing information with regulatory and law enforcement authorities under confidentiality agreements.
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Exempts whistleblower payments from the state's financial asset recovery requirements and clarifies that whistleblower rights cannot be waived by employment agreements or arbitration clauses.
Legislative Description
Provides for securities fraud whistleblower incentives and protections; defines terms; grants whistleblower awards for one or more whistleblowers who voluntarily provide original information to the attorney general that was the basis for a successful covered enforcement action; protects whistleblowers from retaliation; authorizes the attorney general to adopt any necessary rules and regulations; makes related provisions.
Last Action
referred to banks
1/6/2016