The aftermath of the heinous financial crimes in the U.S and the recession of the late 2000s resulted in the introduction of a number of financial reforms under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. These Wall Street reforms constitute the greatest changes to U.S financial regulation since the Great Depression, affecting the Federal Financial regulatory agencies and almost every aspect of the financial services industry. Incentives including the Qui Tam lawsuit which provides a¬†whistleblower reward¬†scheme was¬†also introduced to encourage individuals with inside knowledge to assist the government in putting a stop to fraud.
A Whistleblower reward can be as much as 15 to 30 percent of the funds that are reimbursed to the government, in some cases these whistleblower awards can be so high that the whistleblower in question will never have to work again. The Dodd Frank Act introduces a number of whistleblower provisions that are designed to provide a substantial, financial whistleblower reward.
The high paying Whistleblower awards can certainly compensate for the risks that are involved with filing suit against an employer. Another incentive that encourages individuals to blow the whistle on an employer is the precautionary concept of whistleblower compensation whereby the government will compensate the whistleblower for legal fees if they decide to sue their employer without the government joining the case. These new whistleblower provisions state that whistleblowers can bring their claims directly in federal court and prevailing claimants are also able to obtain reinstatement, double back pay, interest and whistleblower compensation for legal fees including litigation costs and attorney fees.
Accusing an employer of fraud against the government is an extremely serious charge which can cause the claimant a great deal of stress and anxiety. The whistleblower reward of a successful lawsuit can undoubtedly compensate for the risk but an allegation will subject employers to a serious government investigation that will not be dropped even if you decide to drop your lawsuit.
If you know someone involved in fraud but are unsure about whether to blow the whistle, and see that they are held accountable for their actions, an experienced whistleblower attorney at our personal injury law firm can offer their legal help. Please fill out an online form and learn more about your legal rights, the consequences of filing suit, whistleblower awards and the whistleblower compensation you can receive.