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Showing 3 posts in Dodd-Frank.

Whistleblowers Now Actually Have to Report to The SEC For Dodd-Frank Protection

On February 21, 2018, the U.S. Supreme Court ruled that provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that protect whistleblowers from being fired, demoted, or harassed by their employers only apply to people who actually make a report of a violation of the federal securities laws to the Securities and Exchange Commission. The Dodd-Frank Act established a whistleblower program that was designed to motivate individuals to report securities laws violations to the SEC by providing whistleblowers with incentives and protections. Individuals who voluntarily report information to the SEC may be entitled to a cash award of 10 to 30% of the monetary sanctions collected in enforcement actions, and they are protected from retaliation by their employers for having provided that information. More ›

Second Circuit: Dodd-Frank Act's Whistleblower Protections do not Extend to Foreign Tipsters

The Second Circuit ruled Thursday that the Dodd-Frank Act's whistleblower protections do not cover whistleblowers overseas, siding with a foreign employer in a case brought by a former employee alleging that he was fired after reporting alleged fraud relating to events that occurred abroad. More ›

Connecticut Court: Dodd-Frank "Whistleblower" Protection Extends to Informal SEC Complaints

A federal district court in Connecticut this week held that the federal Dodd-Frank Act protects a larger class of “whistleblowers” than many previously thought. In allowing the claimant’s “whistleblower" retaliation claim to survive a motion to dismiss, the judge ruled that Dodd-Frank’s definition of “whistleblower” was broad enough to protect not only those who file official complaints with the Security and Exchange Commission (SEC), but also those who provide the SEC with informal letters complaining of unlawful practices. The judge rejected concerns that such an interpretation would allow Dodd-Frank’s anti-retaliation provision — with its longer statute of limitations and double-pay awards – to effectively swallow the corresponding provisions of the (less claimant-friendly) Sarbanes-Oxley Act: “the Dodd-Frank Act appears to have been intended to expand upon the protections of Sarbanes-Oxley,” the judge noted, “and thus the claimed problem is no problem at all.” More ›

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