Steven J. Pearlman

Steven J. Pearlman

Proskauer Rose LLP

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SEC’s Second Amicus Brief On Whether Dodd-Frank Protects Internal Reports

On December 11, 2014, the SEC filed an amicus brief in support of Plaintiff-Appellant Mikael Safarian asking the Third Circuit to revive his Dodd-Frank whistleblower claim and endorse the agency’s definition of...more

12/23/2014 - Dodd-Frank Employer Liability Issues Reporting Requirements Retaliation SEC Whistleblower Protection Policies Whistleblowers

3d Cir.: Dodd-Frank Anti-Arbitration Provisions Do Not Apply To Dodd-Frank Whistleblower Retaliation Claims

On December 8, 2014, the Third Circuit ruled that Dodd-Frank’s anti-arbitration provisions do not invalidate pre-dispute arbitration agreements with respect to whistleblower retaliation claims brought pursuant to the...more

12/15/2014 - Adverse Employment Action Arbitration Dodd-Frank Employer Liability Issues Retaliation TD Ameritrade Whistleblowers

Court Follows 5th Circuit Asadi Decision, Dismisses Dodd-Frank Whistleblower Claim

The U.S. District Court for the Eastern District of Wisconsin in Verfuerth v. Orion Energy Systems, Inc., No. 14-cv-352 (E.D. Wis. Nov. 4, 2014) recently ruled that the Dodd-Frank whistleblower protection provision does not...more

11/12/2014 - Dodd-Frank Federal Rule 12(b)(6) Federal Rules of Civil Procedure SEC Whistleblower Protection Policies Whistleblowers

California Court Allows Dodd-Frank Whistleblower Claims to Proceed Despite Absence of Complaint to SEC

In a case of first impression within the Ninth Circuit, the U.S. District Court for the Northern District of California ruled that the whistleblower protection provision in Dodd-Frank protects whistleblowers who report...more

11/5/2014 - Corporate Counsel Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

Third Circuit Sizes Up Dodd-Frank’s Anti-Arbitration Provision

On October 24, 2014, in Khazin v. TD Ameritrade Holding Corp, et al., the U.S. Court of Appeals for the Third Circuit heard oral argument on an issue of first impression (within that forum): whether Dodd-Frank applies...more

11/3/2014 - Appeals Arbitration Arbitration Agreements Commodities Exchange Act Dodd-Frank Oral Argument Retroactive Application Sarbanes-Oxley TD Ameritrade Whistleblowers

SDNY Dismisses Extraterritorial SOX and Dodd Frank Whistleblower Claims

Failing to heed a powerful message from the Second Circuit, overseas plaintiffs are continuing to seek to pursue SOX and Dodd-Frank whistleblower claims. On September 30, 2014, the Southern District of New York in Ulrich v....more

10/17/2014 - Anti-Retaliation Provisions Dismissals Dodd-Frank Extraterritoriality Rules Moody's Sarbanes-Oxley Whistleblowers

Second Circuit To Decide Retroactivity of Dodd-Frank Bounty Provision

As discussed in a Law360 article by Ed Beeson, the Second Circuit Court of Appeals will decide in Stryker v. SEC, No. 13-cv-4404, whether the SEC needs to pay Dodd-Frank whistleblower bounties to tipsters who provided...more

10/1/2014 - Appeals Dodd-Frank Retroactivity SEC Whistleblower Awards Whistleblowers

Larger Rewards For Wall Street Whistleblowers May Be On The Horizon

As reported by the Wall Street Journal, the Obama administration will seek to remove the $1.6 million cap on rewards to whistleblowers who provide evidence of criminal conduct by financial executives under the 1989 Financial...more

9/18/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions FIRREA Popular SEC Whistleblower Awards Whistleblowers White Collar Crimes

Second Circuit Affirms No Extraterritorial Application For Dodd-Frank Anti-Retaliation Provision

In Liu v. Siemens A.G., No. 13-cv-4385, 2014 WL 3953672 (2d Cir. Aug. 14, 2014), the Second Circuit affirmed that the anti-retaliation provision in Section 922 of Dodd-Frank does not apply extraterritorially. This post...more

9/8/2014 - Anti-Rebate Statutes Chief Compliance Officers Dodd-Frank Employer Liability Issues Extraterritoriality Rules

SEC Brings First Dodd-Frank Anti-Retaliation Case

The SEC recently issued an Order against Paradigm Capital Management, Inc. (Paradigm), a registered investment adviser, and its principal for allegedly engaging in principal trades without effective client disclosure and...more

6/27/2014 - Dodd-Frank Enforcement Actions Retaliation SEC

Dodd-Frank Anti-Retaliation Provision Limited To Complaints About Securities Laws

The U.S. District Court for the Eastern District of Wisconsin ruled that an Illinois-based bank employee could not state a claim under the whistleblower protection provision in Dodd-Frank because his complaints alleged...more

6/16/2014 - Anti-Retaliation Provisions Banks Dodd-Frank Securities Whistleblower Protection Policies Whistleblowers

Nebraska District Court: Employee’s Disclosures To FINRA Make Her A Dodd-Frank Whistleblower

In a first-impression decision, the U.S. District Court for the District of Nebraska recently ruled that an employee who disclosed information about potential securities law violations to FINRA may qualify as a...more

6/3/2014 - Adverse Employment Action Dodd-Frank FINRA Hiring & Firing Retaliation SEC Securities Whistleblowers

S.D.N.Y. Takes Broad Approach To SOX and Dodd-Frank Whistleblower Claims

The U.S. District Court for the Southern District of New York recently denied a motion to dismiss a plaintiff’s SOX and Dodd-Frank whistleblower claims, ruling that (i) the plaintiff engaged in SOX protected activity even...more

5/28/2014 - Dodd-Frank Sarbanes-Oxley Whistleblower Protection Policies Whistleblowers

OSHA Releases Interim Dodd-Frank Whistleblower Regulations

OSHA recently released the interim final text of regulations implementing the whistleblower protection provision (Section 1057) in Dodd-Frank. The interim final regulations establish the timing and processes for handling...more

4/14/2014 - Administrative Review Board ALJ Dodd-Frank DOL OSHA Retaliation Sarbanes-Oxley Whistleblower Protection Policies

First-Ever SEC Bounty Winner Receives Additional Payout

The SEC Office of the Whistleblower recently announced that the first-ever whistleblower award under the Dodd-Frank Whistleblower Program will be increased by $150,000 based on additional assets the SEC collected from one the...more

4/9/2014 - Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

N.J. Court Sends Dodd-Frank Whistleblower Claim To Arbitration

The U.S. District Court for the District of New Jersey recently held that the Dodd-Frank Act does not operate retroactively to bar pre-dispute arbitration agreements, and thus required a plaintiff to arbitrate his Dodd-Frank...more

3/21/2014 - Arbitration Dodd-Frank Whistleblowers

SEC’s Amicus Brief: Internal Whistleblower Reports Covered By Dodd-Frank Anti-Retaliation Provision

As we previously discussed, courts have struggled with determining the scope of the protections in Dodd-Frank’s anti-retaliation provisions. On the one hand, Dodd-Frank defines a “whistleblower” as any individual, or group of...more

3/21/2014 - Anti-Retaliation Provisions Dodd-Frank Retaliation Sarbanes-Oxley SEC Whistleblowers

SEC’s Strategic Plan Includes Reliance On Whistleblower Tips

The U.S. Securities and Exchange Commission (SEC) published (for public comment) a draft strategic plan, which sets forth its goals and objectives for fiscal years 2014 through 2018. The SEC’s “strategic objectives” include:...more

2/11/2014 - Dodd-Frank Retaliation SEC Whistleblowers

Georgia Federal Court Rules That Dodd-Frank Whistleblowers Are Not Entitled To A Jury Trial

On November 12, 2013, a Georgia district court ruled that Dodd-Frank whistleblowers are not entitled to a jury trial or punitive damages. Pruett v. BlueLinx Holdings, Inc., No. 13-cv-02607 (N.D. Ga., Nov. 12, 2013). This is a...more

11/14/2013 - Dodd-Frank Jury Trial Punitive Damages Retaliation Trials Whistleblower Protection Policies Whistleblowers

What’s The State Of The CFTC Whistleblower Program?

The SEC’s whistleblower program has received tremendous attention, but let’s not forget about the Commodity Futures Trading Commission’s (CFTC) whistleblower program, which also was created by Dodd-Frank. A recent article...more

10/29/2013 - CFTC Compliance Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

SEC Announces Additional Whistleblower Award Based on Assets Seized by Justice Department

After awarding the second-ever whistleblower bounty award pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in connection with SEC v. Andrey C. Hicks and Locust Offshore...more

9/11/2013 - Dodd-Frank DOJ Enforcement Actions Search & Seizure SEC Whistleblower Awards Whistleblower Protection Policies Whistleblowers

SEC Awards Second-Ever Whistleblower Bounty

On June 12, 2013, the SEC issued the second-ever whistleblower bounty award pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in connection with SEC v. Andrey C. Hicks and...more

6/26/2013 - Dodd-Frank Sanctions SEC Securities Fraud Whistleblowers

District of Colorado Expansively Construes Protected Activity Under Dodd-Frank, But Finds No Causation

The U.S. District Court for the District of Colorado followed a trend of decisions concluding that a plaintiff need not have provided the SEC with information regarding alleged federal securities law violations to pursue a...more

4/5/2013 - Dodd-Frank Hiring & Firing Protected Activity Retaliation SEC Termination Whistleblowers

Consumer Financial Protection Bureau Remains In Limbo

The authority and leadership of the Consumer Financial Protection Bureau (CFPB), a body created by Dodd-Frank to regulate consumer protection of financial products and services, continues to remain in limbo in the wake of the...more

3/19/2013 - Barack Obama Canning v NLRB CFPB Dodd-Frank NLRB Recess Appointments Richard Cordray

OSHA Whistleblower Program: Record Number of Cases Filed & Resolved In 2012

OSHA recently released statistics (aggregated by BNA) showing dramatic increases in both the number of whistleblower cases filed with OSHA last year as well as the number of OSHA determinations....more

1/28/2013 - Dodd-Frank OSHA Sarbanes-Oxley Whistleblowers

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