June 17, 2013

Juicy Lawsuit Pays Off for Reinstated SEC Assistant Inspector General: $580k!

As I blogged six months ago, SEC Assistant Inspector General David Weber filed a $20 million lawsuit alleging he was fired for being a whistleblower (you may recall the complaint was full of juicy details, which may – or may not – be true). Last week, it was reported that Weber received a settlement of $580k for the lawsuit – as well as his job back and his record cleansed. That is pretty big number for a government settlement. Learn more in “Sex, Lies, Stupidity, Oh My!!: SEC Whistleblower David Weber Vindicated, Receives Huge $ettlement” (and this Reuters article and Washington Post article).

The SEC’s RiskFin Becomes DERA…

The SEC does some rebranding. As noted in this press release, the agency renamed Division of Risk, Strategy, and Financial Innovation (commonly known as “RiskFin”) to the Division of Economic and Risk Analysis. The Division was first created in ’09 – and its size and importance has dramatically increased since formation, primarily due to the intense scrutiny of the economic analysis given to rulemakings throughout the federal government. So what is the Division’s new nickname? DERA?

Economic Analysis of Rulemaking: SEC’s Inspector General Issues Two Final Reports

With economic analysis of rulemaking continuing to be a hot topic in the wake of the court case striking down the SEC’s proxy access rules – legislation in this area is still pending – the SEC’s IG office issued two reports last week. This report is the final one evaluating the SEC’s current use of guidance on economic analysis and contains six recommendations. This report is the final one evaluating the SEC’s implementation of this guidance and contains one recommendation. The evaluations were conducted per Congressional request.

– Broc Romanek