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NY A08016
Bill
Status
4/22/2025
Primary Sponsor
Micah Lasher
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AI Summary
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Establishes the "Government Response to Insider Fraud and Trading Act" (GRIFT Act), creating a whistleblower program for securities, banking, and insurance fraud violations in New York
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Awards whistleblowers 10-30% of monetary sanctions exceeding $1 million collected from successful enforcement actions brought by the Attorney General or Department of Financial Services
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Protects whistleblowers from employer retaliation including discharge, demotion, suspension, threats, or harassment, with remedies including reinstatement, double back pay plus interest, and attorneys' fees
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Requires whistleblower identity to remain confidential and exempt from public disclosure unless required for legal proceedings, subpoenas, or court orders
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Disqualifies from awards those who are law enforcement employees, were convicted of related crimes, submitted false information, or failed to comply with submission requirements
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 codes
1/7/2026