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Saturday, February 24, 2024

Tipster on Ericsson won SEC's largest whistleblower award of $279 ... - Business Insurance

(Reuters) — The record $279 million whistleblower award issued by the U.S. Securities and Exchange Commission earlier this month stemmed from a bribery case against Swedish telecommunications company Ericsson, the Wall Street Journal reported on Friday.

The award from the regulator’s cash-for-tip program was related to the $1.1 billion settlement the company reached with U.S. authorities in 2019 over allegations that it conspired to make illegal payments to win business in five countries, the report said, citing people familiar with the matter.

The SEC declined to comment, while Ericsson did not immediately respond to Reuters requests for comment.

The regulator did not name the enforcement action underlying the award and did not identify the tipster in keeping with whistleblower protection rules.

Ericsson in 2019 agreed to pay more than $1 billion to resolve probes into corruption, including the bribing of government officials in countries including China, Vietnam and Djibouti.

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