Casey Nelson v. SEC (PUBLIC REISSUED OPINION)

CourtCourt of Appeals for the D.C. Circuit
DecidedMay 30, 2025
Docket22-1316
StatusPublished

This text of Casey Nelson v. SEC (PUBLIC REISSUED OPINION) (Casey Nelson v. SEC (PUBLIC REISSUED OPINION)) is published on Counsel Stack Legal Research, covering Court of Appeals for the D.C. Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Casey Nelson v. SEC (PUBLIC REISSUED OPINION), (D.C. Cir. 2025).

Opinion

United States Court of Appeals FOR THE DISTRICT OF COLUMBIA CIRCUIT

Argued October 11, 2024 Decided April 25, 2025 Reissued May 30, 2025

No. 22-1316

CASEY H. NELSON, (CLAIMANT NO. 4), PETITIONER

v.

SECURITIES AND EXCHANGE COMMISSION, RESPONDENT

On Petition for Review of a Final Order of the Securities & Exchange Commission

Richard P. Gallena, appointed by the court, argued the cause as amicus curiae in support of petitioner. On the briefs were Anthony F. Shelley, Dawn E. Murphy-Johnson, and Surur Fatema Yonce, appointed by the court.

John R. Rady, Appellate Counsel, U.S. Securities and Exchange Commission, argued the cause for respondent. With him on the briefs were Megan Barbero, General Counsel, Michael A. Conley, Solicitor, and Stephen G. Yoder, Senior Appellate Counsel. 2

Before: HENDERSON, MILLETT, and CHILDS, Circuit Judges.

Opinion for the Court filed by Circuit Judge CHILDS.

Opinion concurring in the judgment by Circuit Judge HENDERSON.

CHILDS, Circuit Judge: Casey Nelson petitioned for review of an order of the Securities and Exchange Commission allocating whistleblower awards related to a successful enforcement action for securities law violations. Nelson challenges the eligibility of a group of three other individuals who received an award for their contribution to the enforcement action.

This Court received Nelson’s petition for review seven days after the statutory filing deadline, and therefore his petition is untimely. Nevertheless, the statute does not bar equitable tolling. Assuming that Nelson’s particular circumstances warrant an equitable exception to the deadline, we consider his petition on the merits. We conclude the Commission’s order was not arbitrary and capricious and deny the petition.

I.

A.

Following the 2008 financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to promote stability in the U.S. financial system. See Digit. Realty Tr., Inc. v. Somers, 583 U.S. 149, 155 (2018). Dodd-Frank amended the Securities Exchange Act of 1934 (the 3

Exchange Act) to establish a new whistleblower program for individuals or groups of individuals who report information about securities law violations to the Commission. See 15 U.S.C. § 78u-6(a)(6), (b)(1).

Dodd-Frank instituted monetary awards to incentivize reporting. To be eligible to receive a monetary award, a whistleblower must “voluntarily provide[] original information to the Commission that le[ads] to the successful enforcement of [a] covered judicial or administrative action.” Id. § 78u- 6(b)(1). Original information “is derived from the independent knowledge or analysis of a whistleblower[;]” is not “known to the Commission from any other source, unless the whistleblower is the original source of information[;]” and is not “exclusively derived from an allegation made in a judicial or administrative hearing, in a governmental report, hearing, audit, or investigation or from the news media, unless the whistleblower is a source of the information.” Id. § 78u- 6(a)(3).

Commission regulations further clarify what constitutes original information by defining “independent knowledge” and “independent analysis.” Independent knowledge is “factual information in [the whistleblower’s] possession that is not derived from publicly available sources.” 17 C.F.R. § 240.21F-4(b)(2). Independent analysis is the whistleblower’s “own analysis”—meaning the whistleblower’s “examination and evaluation of information that may be publicly available, but which reveals information that is not generally known or available to the public.” Id. § 240.21F-4(b)(3).

In certain circumstances, individuals are barred from receiving awards if their claims are based on information 4

obtained in connection with audits. Under the auditor exclusion, individuals are ineligible if they “gain[] the information through the performance of an audit of financial statements required under the securities laws” and if their submissions are “contrary to” the reporting procedures set out in the Exchange Act for auditors who uncover illegal acts while conducting an audit. See 15 U.S.C. § 78u-6(c)(2)(C); id. § 78j- 1.

If multiple whistleblowers are eligible to receive an award for a single enforcement action, the Commission determines the amount each whistleblower receives. See 17 C.F.R. §§ 240.21F-3(a), 240.21F-5(c). The Commission’s Claims Review Staff (CRS) conducts an initial review of whistleblower award claims and issues a preliminary determination of which parties may be eligible, as well as the appropriate award amount for each eligible party. Id. § 240.21F-10(d). A claimant may contest the CRS’s preliminary determination by submitting a written response to the Office of the Whistleblower “setting forth the grounds for [the claimant’s] objection.” Id. § 240.21F-10(e). The Commission then reviews the preliminary determination and issues a final order. Id. § 240.21F-10(h). Under Section 21F(f) of the Exchange Act, a claimant may seek judicial review of “[a]ny . . . determination, except the determination of the amount of an award” by filing a petition with the appropriate court of appeals “not more than 30 days after the determination is issued by the Commission.” 15 U.S.C. § 78u-6(f).

B.

Nelson’s petition stems from a successful enforcement action against a company for securities law violations. In that action, the Commission alleged that the company failed to 5

disclose its process for reporting losses, effectively understating its total losses. The company and the Commission reached a settlement.

After the settlement was finalized, the Commission’s Office of the Whistleblower posted a “Notice of Covered Action” inviting claims for whistleblower awards. Nelson submitted a claim based on his contributions to the action. Three individuals (the Joint Claimants) also filed requests for awards, which were considered together as a joint claim.

The CRS issued a preliminary determination recommending that the Commission grant monetary awards to Nelson and to the Joint Claimants. The Preliminary Determination was informed by a declaration in the record from one of the primary enforcement attorneys, Christopher W. Ahart. The declaration detailed the Joint Claimants’ and Nelson’s contributions to the action.

The CRS determined that the Joint Claimants presented original information based on their independent knowledge and independent analysis and that they were not ineligible under the auditor exclusion. The CRS also determined that Nelson presented original information based on his independent analysis.

The Joint Claimants did not contest the Preliminary Determination, but Nelson did. Nelson argued that he was the sole eligible whistleblower who presented original information to the Commission. He contended that the Joint Claimants merely repackaged his original analysis, which he had “float[ed]” in a research publication before the Joint Claimants made their submission to the Commission. J.A. 120–22. 6

Nelson did not identify the auditor exclusion in his objections to the Preliminary Determination.

The Commission’s Final Order adopted the CRS’s recommendation that both Nelson and the Joint Claimants were eligible to receive awards.

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