Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Tipster on Ericsson won SEC's largest ever whistleblower award of $279 million -WSJ

Published 05/26/2023, 01:10 AM
Updated 05/26/2023, 08:51 AM
© Reuters. FILE PHOTO: Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg
ERICAs
-

(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 (BS:ERICAs), 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.

© Reuters. FILE PHOTO: Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof Swahnberg

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.