Dodd-Frank Wall Street Reform and Consumer Protection Act Whistleblowers

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

SEC Waives Rule and Reverses Course to Grant Whistleblower Windfall

In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more

Supreme Court Protects Whistleblowing Employees of Mutual Fund Adviser

Whistleblowing law continues to develop, with a recent U.S. Supreme Court decision holding that, despite ambiguous statutory language, the Sarbanes-Oxley Act of 2002 protects employees of private companies serving as...more

Dodd-Frank Does Not Bar Arbitration Of Claims If Arbitration Agreement Does Not Exempt Dodd-Frank Whistleblower Claims

The Fourth Circuit affirmed order from the United States District Court for the Eastern District of Virginia compelling arbitration of former employee’s federal claims under the Age Discrimination in Employment Act (ADEA),...more

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 Brings First Whistleblower Retaliation Enforcement Action

In announcing its first enforcement action for retaliating against a whistleblower, the U.S. Securities and Exchange Commission (SEC) sends a strong message to firms: it is serious about bringing charges against companies...more

10 Tips for Encouraging Internal Misconduct Reporting

While many employers may feel uncomfortable in the face of headlines touting significant whistleblower payouts under provisions of the Dodd-Frank Act of 2010, the False Claims Act (FCA) and other federal laws, studies show...more

Wisconsin Federal Court Holds Dodd-Frank Whistleblower Protections Not Available For Reported Violations Of Banking Laws

On June 4, the U.S. District Court for the Eastern District of Wisconsin held that a former bank executive cannot pursue a claim that, when the bank terminated his employment, it violated the whistleblower-protection...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's Enforcement Action Against Hedge Fund Adviser for Retaliation Against a Whistleblower Highlights Challenges Employers Face

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

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...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 Whistleblower Protections Do Not Apply to Banking Laws

The United States District Court for the Eastern District of Wisconsin refused to allow a plaintiff to amend his complaint where the plaintiff claimed he was terminated because he complained internally and to the FTC and the...more

Conflicts At Fund Adviser Yields First SEC Whistleblower Action

The Commission brought its first action involving the anti-retaliation provisions of the Dodd-Frank Act. It centers on an investment adviser, a broker dealer, conflicts and retaliation against a firm employee who reported the...more

CFTC Starts Flexing Muscle in New Whistleblower Program

Although it has been nearly four years since the passage of the massive Dodd-Frank Wall Street Reform and Consumer Protection Act, changes to the Act and the myriad of regulations that support it are common. New programs...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

Bussing v. COR Clearing LLC: What Retaliation Protections Are Whistleblowers Entitled To?

U.S. courts continue to disagree about the extent and coverage of protections from retaliation for “whistleblowers” under the Dodd-Frank Act. Contrary to SEC rules and other District courts, in the 2013 Asadi case, the 5th...more

For Wall Street Fraudsters, Business As Usual

John F. Kennedy once quoted Dante: “The hottest places in hell are reserved for those who, in times of great moral crisis, maintain their neutrality.” Unfortunately, on Wall Street, maintaining neutrality — or feigned...more

SEC Issues $875,000 Whistleblower Award

On June 3, 2014, the Securities and Exchange Commission (SEC or Commission) issued a whistleblower award to two individuals who had provided information leading to a successful SEC enforcement action. The whistleblower...more

Fourth Circuit Breathes Life into Summary Judgment for Employers Defending SOX Whistleblower Claims

On May 12, 2014, the U.S. Court of Appeals for the Fourth Circuit issued a ruling upholding a grant of summary judgment in favor of the employer in Feldman v. Law Enforcement Assocs. Corp., a Sarbanes-Oxley (SOX)...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

Who is a Whistleblower Under Dodd-Frank? Courts Disagree.

The Dodd-Frank Wall Street Reform and Consumer Protection Act protects employees who blow the whistle on possible securities law violations. But the question of who qualifies as a whistleblower continues to divide courts, as...more

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

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