News & Analysis as of

SEC Enforces First-Ever Dodd-Frank Whistleblower Retaliation Claim

The U.S. Securities and Exchange Commission recently entered into a $2.2 million settlement agreement with Paradigm Capital Management Inc. and its owner Candace King Weir, in its first-ever action enforcing whistleblower...more

SEC Files First Antiretaliation Enforcement Case Against Hedge Fund Advisory Firm

In a first of its kind case, the SEC last week charged an investment adviser to a hedge fund with, among other things, retaliating against an employee who reported allegedly illegal trading activity to the agency. The SEC...more

SEC Launches First Whistleblower Retaliation Case Under Dodd-Frank

On June 16, 2014, the U.S. Securities and Exchange Commission (SEC) initiated and resolved its first case charging an employer with unlawfully retaliating against a securities whistleblower under the Dodd-Frank Wall Street...more

If You See Something, Say Something, But Maybe Only To The SEC

A debate has been raging in the courts over whether an employee who reports suspected misconduct only to his employer but not to the U.S. Securities and Exchange Commission (“SEC”) is a “whistleblower” entitled to the...more

Something Old, Something New: SEC Brings Action for Prohibited Principal Transactions and Retaliation Against Whistleblower

Clearly signaling its intention to support whistleblowers who provide actionable evidence of wrong-doing, the SEC this week settled the first case brought under the authority granted by the Dodd-Frank Act enabling...more

SEC Files First Whistleblower Retaliation Case

Well, you can’t say Sean McKessy didn’t warn you. The chief of the SEC’s whistleblower office has been warning for months at least that his group was looking to bring a stand-alone case enforcing the anti-retaliation...more

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

2014: A Big Year in Whistleblower Laws

The Securities and Exchange Commission (SEC) began the whistleblower program on July 21, 2010 to incentivize people to come forward with information about financial wrongdoing. Under the program, a whistleblower is entitled...more

Whistleblower Doesn’t Have To Report To SEC For Dodd-Frank Protection

In Yang v. Navigators Group, Inc. (S.D.N.Y. 2014), the court held the Dodd-Frank anti-retaliation statute does not clearly and unambiguously limit whistleblower protection to individuals who report violations to the SEC where...more

Before The Whistle Blows: Understanding And Addressing The Expanding Scope Of Whistleblower Protections Under Sarbanes-Oxley And...

The Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) was enacted following the accounting scandals of the early 2000s involving Enron, WorldCom and other public companies. Congress passed the Dodd-Frank Wall Street Reform and...more

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

Where the Whistle Blows: SEC Invites Circuit Split Over Reach of Dodd-Frank Anti-Retaliation Provision

The Securities and Exchange Commission recently weighed in on a whistleblower case pending in the Second Circuit, urging the court in Liu v. Siemens, A.G. to adopt the SEC’s interpretation of the Dodd-Frank Act’s...more

Bon Voyage! Dodd Frank Whistleblower Claim Shipped to Arbitration

In Murray v. UBS Securities, LLC, Judge Failla in the Southern District of New York compelled arbitration of a Dodd-Frank whistleblower retaliation claim, holding that nothing in the anti-retaliation provision, 15 U.S.C....more

Courts confirm: Dodd-Frank whistleblowers must report to the SEC, Dodd-Frank whistleblower protections do not extend to conduct...

A recent decision by the Fifth Circuit Court of Appeals has confirmed that the anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act only confer protections to whistleblowers who report...more

Dodd-Frank Whistleblower Protection: For America Only

The U.S. District Court for the Southern District of New York has held that the whistleblower protection provisions of the Dodd-Frank Act do not apply outside the United States, even where the employee alleged he was...more

Whistleblower Not Entitled To Jury Trial

In Pruett v BlueLinx Holdings, Inc., decided by the United States District Court for the Northern District of Georgia (1:13-cv-02607), the court held that a whistleblower suing under Dodd-Frank’s non-retaliation provisions...more

Will You Be Ready When The Whistle Is Blown?

Claims by employees "blowing the whistle" on their employer are on the rise in today's workplace. Will you be ready when the whistle is blown on your company? ...more

District Court Holds Anti-Retaliation Provision of Dodd-Frank Act Does Not Apply in Case Virtually Lacking Any U.S. Connections

A recent decision in the United States District Court for the Southern District of New York has reinforced the United States Supreme Court’s jurisprudence on the extraterritorial application of federal statutes....more

Southern District of New York Limits Dodd-Frank Whistleblower Protections to the United States

The US District Court for the Southern District of New York limited the scope of the Dodd-Frank Wall Street Reform and Consumer Protection Act anti-retaliation provisions for whistleblowers to the United States, dismissing a...more

When is a Whistleblower Not a Whistleblower?

Even though Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act more than three years ago, the basic question of who can claim the anti-retaliation protections of that law are less clear than ever....more

Bernstein Shur Business and Commercial Litigation Newsletter #33

We are pleased to present the 33rd edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight news that will have an impact on business and litigation, including extra-territorial...more

There She Blows!: Another Court Rules Against Extraterritorial Application of Whistleblower Protections

Last week, whistleblowers reporting potential violations occurring outside of the United States again found themselves on the outside looking in at protections afforded to domestic whistleblowers when the Southern District of...more

Court Finds Dodd-Frank Does Not Apply To Foreign Whistleblowers

The United States District Court for the Southern District of New York recently dismissed a case with prejudice by an employee whistleblower that lived in Taiwan. The court stated there is no evidence that Congress intended...more

Legal Alert: Southern District of New York Rejects Extraterritorial Application of Dodd-Frank’s Whistleblower Anti-Retaliation...

Over the past three years, federal courts have confronted a number of unsettled questions raised by the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The latest development...more

Dodd-Frank Retaliation Cases Continue To Be a Mixed Bag For Companies

Two new Dodd-Frank decisions over the last week contain mixed results for employers. In Liu v. Siemens A.G., Judge Pauley in the Southern District of New York held that Dodd-Frank’s anti-retaliation provision does not...more

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