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Tipster on Ericsson Wins Largest SEC Whistleblower Award of $279 Million -WSJ

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(RockedBuzz via Reuters) – The record $279 million whistleblower award issued by the US Securities and Exchange Commission earlier this month stemmed from a bribery case against Swedish telecommunications firm Ericsson, Wall Street reported on Friday journal.

The regulator’s cash-for-tip program award was related to the $1.1 billion settlement the company reached with US authorities in 2019 over allegations it conspired to make illegal payments to acquire 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 RockedBuzz via Reuters requests for comment.

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

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

(Reporting by Sheena K Thomas)