Deutsche Whistleblower Claimants Seek To Make SEC Pay

Law360 (January 22, 2019, 8:55 PM EST) -- Two consultants and an anonymous tipster urged the Second Circuit on Tuesday to make the U.S. Securities and Exchange Commission give them a cut of the $55 million fine that Deutsche Bank AG paid to settle claims over risky derivatives, saying the agency was wrong to deny them payouts under its whistleblower program.

The SEC awarded $16.5 million to two former Deutsche Bank employees in 2017 for telling the regulator how the German bank hid its risk from derivatives before the 2008 financial crisis. But the SEC turned down others seeking credit, including Colin Kilgour and Daniel Williams, onetime consultants to...

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