By limiting the availability of Dodd-Frank whistleblower anti retaliation provisions, the Court’s decision may incentivize increased SEC reporting.

In Digital Realty Trust, Inc. v. Somers, the Supreme Court of the United States defined the class of individuals protected by the anti-retaliation provision contained in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Court held that to constitute a protected “whistleblower” under Dodd-Frank, a person must first “provid[e] ... information relating to a violation of the securities laws” to the Securities and Exchange Commission (SEC, or the Commission). Any company that retaliates against such a whistleblower is potentially subject to damages and injunctive relief.