Growing whistleblower activity calls for close employer attention to retaliation issues
The increasing number of whistleblowers and whistleblower retaliation claims and the evolving multi-faceted nature of anti-retaliation law require employers to take enhanced care when contemplating adverse action against an employee who may qualify for whistleblower status.
With the Dodd-Frank whistleblower bounty programme maturing, the number of whistleblowers and whistleblower retaliation claims is bound to increase.
The Securities and Exchange Commission (SEC) reported receiving approximately 3,000 tips in its last fiscal year, and recent cases and pronouncements by the SEC highlight the need to carefully assess potential retaliation issues before taking employment action against a self-styled whistleblower.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the SEC may pay rewards to individuals who provide the SEC with information about a possible violation of the federal securities laws that “has occurred, is ongoing, or is about to occur” at companies required to report to the SEC. The SEC may provide monetary compensation to individuals who voluntarily provide original information (i.e., previously unknown to the SEC) leading to a successful SEC enforcement action resulting in sanctions exceeding US$1 million. The individuals may receive between 10 and 30 percent of the amount collected in the SEC action or a related action brought by the US Department of Justice, regulatory agencies (such as the Federal Deposit Insurance Corporation), self-regulatory organizations (such as FINRA) and state attorneys general in criminal cases…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
DLA Piper’s ‘Life sciences: patent extension strategies and antitrust global update’ video covers global antitrust and competition issues including product hopping and reverse payment patents.
Analysis from The Lawyer
Cross-border work and political tensions are dominating this year’s entries for Finance Team of the Year at The Lawyer Awards.
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work