News & Analysis as of

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

A Compilation of Enforcement and Non-Enforcement Actions

As reported in the May 2014 edition of Legal News: Investment Management Update, the SEC has made cybersecurity readiness a high-priority item to review when it conducts examinations of registered broker-dealers and...more

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

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

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

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

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

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

Whistleblowing Claims Are Here To Stay

Every year the Equal Employment Opportunity Commission (EEOC) releases statistics reflecting how often various claims are presented to them. And every year one claim stands heads and shoulders above the rest: retaliation. ...more

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

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

Act Now Advisory: As Defendant, Obama Administration Takes Narrower View of Whistleblower Protections Than as Enforcer - Will This...

Employers attempting to manage corporate compliance programs while balancing privacy concerns and whistleblower protections might find a certain irony, perhaps empathy, in the Obama administration's recent petition for U.S....more

SDNY Holds Whistleblowers Not Entitled To Retroactive Application Of Dodd-Frank Protections

On February 21, the U.S. District Court for the Southern District of New York held that the Dodd-Frank Act’s whistleblower protection provisions could not be applied retroactively to an alleged retaliation that occurred...more

Reading between the Headlines: A Lesson in Risk Mitigation from Edward Snowden

Whistleblowing has become a highly charged term, stirring up emotive rhetoric ranging from “ethical hero” to “treasonous traitor” with very little substantive evaluation of the real impact on the corporation and the broader...more

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

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

For Whom The Whistle Tolls In 2014

Momentum for the SEC’s Dodd Frank whistleblower program is growing, and 2014 can be expected to bring continued expansion of the program and the number and types of whistleblower actions initiated by the SEC. The SEC’s...more

Department of Labor Whistleblower Update

In recently released decisions, the DOL Administrative Review Board took further action in two whistleblower actions of interest to employers. No Answer on Whether Stealing Confidential Data Is Protected – But a Silver...more

New Protections for Whistleblowers and Suspected Undocumented Workers Take Effect January 14, 2014

The California Legislature had a busy year in 2013 and produced a great deal of employment-related legislation which just took effect on January 1. Because retaliation claims against employers have been on the rise for...more

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