(Reuters) - The U.S. Circuit Court of Appeals for the District of Columbia denied two whistleblowers an award from the U.S. Securities and Exchange Commission on Friday but said in a split decision that the rules governing the agency's tipster payout program are ambiguous on the limits of eligibility.
In an unsigned opinion, U.S. Circuit Court Judge David Tatel and Douglas Ginsburg denied the appeal of two whistleblowers who were denied awards related to the SEC's $25 million settlement with Novartis AG in 2016. While the rules were vague, the SEC had reasonably interpreted them to deny the two whistleblowers payouts, the judges said.
During oral arguments in January, Tatel had called the rules among the "sloppiest" he'd ever seen.
The SEC's whistleblower program has granted more than $1.1 billion in awards to individuals who provided information leading to successful enforcement actions.
The two whistleblowers sought awards after Novartis settled allegations that it bribed Chinese healthcare providers. The company did not admit wrongdoing. The whistleblowers claimed they were sources for news articles in 2013 alleging similar violations by Novartis competitors.
Novartis undertook an internal review of its dealings in China in response to the news, according to the SEC settlement. The whistleblowers argued their information led the company to report its findings to the SEC.
Last March, the SEC denied those claims, but granted a $5 million award to two different...
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