SEC Charges BlackRock For Removing Whistleblower Incentives

[kreslik.news]

The US Securities and Exchange Commission (SEC) has fined New York-based asset manager BlackRock Inc. $340,000 to settle charges that it improperly used separation agreements in which departing employees were coerced into waiving their ability to obtain whistleblower awards.

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According to the SEC, more than 1,000 departing BlackRock employees signed separation agreements containing offensive language stating that they “waive any right to recovery of incentives for reporting of misconduct” in order to receive their monetary separation payments from the firm.

Separation Agreements

BlackRock added the waiver provision in ... (read more)