Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments include:
Only...more
4/18/2018
/ Anti-Retaliation Provisions ,
Bright-Line Rule ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Internal Reporting ,
Reporting Requirements ,
Retaliation ,
Safe Harbors ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
The Supreme Court in Digital Realty Trust narrowed the definition of a whistleblower under the Dodd-Frank Act only to those persons who have provided information of a securities laws violation to the U.S. Securities and...more
2/22/2018
/ Anti-Retaliation Provisions ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Employer Liability Issues ,
Reporting Requirements ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Split of Authority ,
Whistleblower Protection Policies ,
Whistleblowers
Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments...more
2/1/2018
/ Corporate Counsel ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
Foreign Nationals ,
Former Employee ,
Oral Argument ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Summary Judgment ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
...On July 25, 2017, the U.S. Securities and Exchange Commission (SEC) announced it was awarding nearly $2.5 million to a government employee who tipped off the SEC to a company’s wrongdoing.
Although the SEC does not...more
10/19/2017
/ Appeals ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Federal Contractors ,
Financial CHOICE Act ,
Hiring & Firing ,
Investors ,
Misclassification ,
OFCCP ,
Private Sector ,
Reporting Requirements ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Split of Authority ,
Whistleblower Awards ,
Whistleblowers ,
Wrongful Termination
Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more
7/25/2017
/ Amended Rules ,
Certiorari ,
CFTC ,
Dodd-Frank ,
Financial CHOICE Act ,
Internal Reporting ,
Jury Verdicts ,
Popular ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Split of Authority ,
Whistleblower Awards ,
Whistleblowers
Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more
4/21/2017
/ Anti-Retaliation Provisions ,
Appeals ,
Denial of Certiorari ,
Dismissals ,
Dodd-Frank ,
False Claims Act (FCA) ,
Federal Contractors ,
Financial Industry Regulatory Authority (FINRA) ,
Hiring & Firing ,
Investment Adviser ,
Job Duties ,
Reporting Requirements ,
Retaliation ,
Reversal ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Sexual Orientation Discrimination ,
Split of Authority ,
Supervisors ,
Whistleblowers ,
Wrongful Termination
According to a memo circulating amongst Republican-party leaders as of February 13th, Republicans in the House of Representatives are planning to propose a significant curtailment of the U.S. Securities and Exchange...more
2/26/2017
/ Anti-Retaliation Provisions ,
Civil Monetary Penalty ,
Conspiracies ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
False Claims Act (FCA) ,
Financial Services Industry ,
Foreign Corrupt Practices Act (FCPA) ,
Legislative Agendas ,
Morgan Stanley ,
OSHA ,
Popular ,
Retaliation ,
Rollbacks ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Separation Agreement ,
Waiver of Rights ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
SEC Brings First Stand-Alone Whistleblower Retaliation Enforcement Action -
On September 29, 2016, the U.S. Securities and Exchange Commission (SEC) brought its first stand-alone whistleblower retaliation case under...more
10/10/2016
/ Administrative Appeals ,
Administrative Proceedings ,
Anti-Retaliation Provisions ,
Corporate Counsel ,
Defend Trade Secrets Act (DTSA) ,
Department of Labor (DOL) ,
Enforcement Actions ,
Merrill Lynch ,
Popular ,
Remediation ,
Remedies ,
Rule 21F ,
Sanctions ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Severance Agreements ,
Standard of Review ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
SEC Awards Bounty to Whistleblower, But Offsets Award for a Judgment Against the Whistleblower -
The extent to which the SEC would reward whistleblowers, who themselves engaged in wrongdoing, has been the subject of...more
4/13/2016
/ Adverse Employment Action ,
Amicus Briefs ,
CFTC ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Internal Investigations ,
Protected Activity ,
Retaliation ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers
A liability insurance policy generally imposes two duties on the insurer: (1) a duty to indemnify the insured against claims that are covered by the policy, up to the policy limits; and (2) a duty to defend the insured...more
Several important matters related to whistleblower actions occurred toward the close of 2015, including the first instance of a director being held individually liable for retaliation, a dismissal of the Berman v. Neo@Ogilvy...more
1/8/2016
/ Anti-Retaliation Provisions ,
CFTC ,
Confidentiality Agreements ,
Corporate Counsel ,
Dodd-Frank ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Reporting ,
Petition for Writ of Certiorari ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies
Second Circuit Splits from Fifth Circuit on Whistleblower SEC Reporting Obligations
On September 10, 2015, the Second Circuit in Berman v. Neo@Ogilvy LLC, 2015 U.S. App. LEXIS 16071 (2d Cir. 2015), ruled that...more
10/5/2015
/ Anti-Retaliation Provisions ,
Barnes and Noble ,
Confidentiality Agreements ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Fraud ,
Internal Reporting ,
Interpretive Rule ,
OSHA ,
Protected Activity ,
Reversal ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Termination ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
In a much-anticipated decision, the U.S. Court of Appeals for the Second Circuit set up a possible showdown at the U.S. Supreme Court when it decided on September 10 that whistleblowers need not report to the SEC in order to...more
SEC Awards Another Whistleblowing Compliance Officer -
On April 22, 2015, the Securities and Exchange Commission (SEC) announced an award between $1.4 and $1.6 million to a compliance officer who provided information...more
7/8/2015
/ Attorney-Client Privilege ,
Certificates of Compliance ,
Chief Compliance Officers ,
Compliance ,
Confidentiality Agreements ,
Enforcement Actions ,
False Claims Act (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Internal Investigations ,
IRS ,
Retaliation ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Tax Court ,
Upjohn Warnings ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers ,
Wrongful Termination
After repeated public statements warning companies that might seek to stifle whistleblowers, the U.S. Securities and Exchange Commission (SEC) has brought its first enforcement action relating to language in confidentiality...more
• Fourth Circuit Applies Two-Year Statute of Limitations to SOX Whistleblower Claim and Confirms Availability of Emotional Distress Damages
• SDNY Holds That SOX Protects Employee From Retaliation for Activity Engaged...more
SEC Whistleblower Office 2014 Annual Report Details Rising Number of Tips and Increasing Awards -
On November 17, 2014, the U.S. Securities and Exchange Commission (SEC) Whistleblower Office issued its Fiscal Year 2014...more
1/7/2015
/ Annual Reports ,
Dodd-Frank ,
Halliburton ,
Orion Energy ,
Popular ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Siemens ,
TD Ameritrade ,
Whistleblower Awards ,
Whistleblowers
In its important ruling on what the government must prove in a criminal insider trading prosecution, the Second Circuit reversed the convictions of two portfolio managers — throwing out their cases completely, with no new...more
12/15/2014
/ Dell ,
Hedge Funds ,
Illegal Tipping ,
Insider Trading ,
Material Nonpublic Information ,
NVIDIA ,
Personal Benefit ,
Portfolio Managers ,
Rule 10b-5 ,
Securities ,
Securities Fraud ,
US v Newman
On July 31, 2014, the SEC awarded $400,000 to a whistleblower who had reported internally before providing information to the SEC. The award was unique because the SEC’s Claims Review Staff had denied the whistleblower’s...more
After repeated warnings over the last few years that it had both the authority and willingness to do so, on June 16, 2014, the SEC brought its first enforcement action for retaliation against a whistleblower under the...more
In a ground-breaking decision, on March 4, 2014, the United States Supreme Court held in Lawson v. FMR LLC, 571 U.S. __ Case 12-3 (Mar. 4, 2014), that §1514A of the Sarbanes-Oxley Act of 2002 provides a right of action for...more
On March 4, 2014, the United States Supreme Court held in Lawson v. FMR LLC, 571 U.S. __ , Case No. 12-3 (Mar. 4, 2014), that §806 of the Sarbanes-Oxley Act of 2002 (“SOX”) provides a cause of action for employees of private...more
In the first opinion on the subject by an appellate court, the U.S. Court of Appeals for the Fifth Circuit ruled in Asadi v. G.E. Energy (USA), LLC, No. 12-20522 (5th Cir. July 17, 2013), that Dodd-Frank’s protections against...more