News & Analysis as of

Sarbanes-Oxley

Good Choice: Important Capital Formation Reforms in Financial CHOICE Act of 2017 Passed by House

by Farrell Fritz, P.C. on

On June 8, 2017, the House of Representatives passed the Financial CHOICE Act of 2017 on a vote of 233-186. Congress loves acronyms, and here “CHOICE” stands for Creating Hope and Opportunity for Investors, Consumers and...more

CCOs and Resources: Put Your Money Where Your Mouth Is!

by Michael Volkov on

The compliance profession is enjoying its moment of triumph. Chief compliance officers are earning substantial salaries and rewarded with high-level positions in the C-Suite and significant influence. CCOs are the hot...more

SEC Files Another Financial Fraud Action

by Dorsey & Whitney LLP on

Despite an economy in which many firms are reporting favorable results, the Commission continues to ferret out those who try and take a short-cut to good financial performance through fraud. For example, in recent weeks the...more

Investigation Challenges

by Thomas Fox on

Today I conclude my three-part series on internal investigations with Jonathan Marks, a partner at Marcum LLP and a well-known internal investigation expert, by considering some of the challenges you may well face during an...more

Second Circuit Affirms the Dismissal of a SOX Claim for Failing to Meet the “Reasonable Belief” Standard

On June 1, 2017, the Second Circuit affirmed the dismissal of a Sarbanes-Oxley Act (“SOX”) whistleblower retaliation claim brought by a former Metropolitan Life Insurance Co. (“Company”) employee because the employee lacked a...more

Everything Compliance-Episode 12

by Thomas Fox on

Show Notes for Episode 12, the Summer Haze Edition The dog days of summer are on the horizon and the Houston Astros lead the major leagues in winning percentage. Coincidence that the US pulls out of the Paris Climate Accords...more

Day 5 of One Month to Better Investigations and Reporting-the Board’s Investigation Protocol

by Thomas Fox on

Many companies have an investigation protocol in place when a potential Foreign Corruption Practices Act (FCPA) or other legal issue arises? However, many Boards of Directors do not have the same rigor when it comes to an...more

Whistleblower Hotlines: Still a Vital Tool

by NAVEX Global on

Recently the chief compliance officer of a global company asked me: does a company need a telephone-based whistleblower hotline anymore? In our all-technology, all-the-time world, could a company phase out telephone hotlines...more

Decrypting the New Whistleblower Law in France

by Littler on

On December 9, 2016, France enacted a statute broadly granting whistleblower protections to employees. This new law represents the next step in the evolution of such protections in France. The focus on this area of law...more

The Northern District of New York Applies the “Reasonable Belief” Standard

On May 11, 2017, the Northern District of New York applied the Second Circuit’s standard for evaluating a Dodd-Frank retaliation claim in response to a motion to dismiss under F.R.C.P. Rule 12(b)(6). The court denied the...more

California Federal Court Upholds $8 Million Jury Verdict In Former General Counsel’s Whistleblower Lawsuit

Recently, a California federal court denied the defendant–employer’s motion for a new trial, upholding the jury’s $7.96 million verdict finding that the Company terminated its former general counsel for reporting alleged...more

Obstruction of Justice – A Primer

by Michael Volkov on

Our political discourse these days has been focused on three key words – obstruction of justice. Whatever your politics may be, these words and the law surrounding obstruction of justice are important to understand....more

SEC and NYU Hold Dialogue on Securities Market Regulation: Reviving the U.S. IPO Market

On May 10, 2017, the SEC’s Division of Economic and Risk Analysis and New York University’s Stern School of Business held a dialogue aimed at assessing the economic factors causing the recent downturn in initial public...more

Plaintiffs’ Bar Leveraging Increased SEC Scrutiny of Nondisclosure and Other Agreements with Employees

by Alston & Bird on

As we have discussed in previous advisories, over the past two years the Securities and Exchange Commission (SEC) Office of the Whistleblower has applied increased scrutiny to various forms of employment agreements that the...more

California Employment Law Notes - May 2017

Ruth Featherstone alleged that her former employer (SCPMG) discriminated against her based on a "temporary disability" that was caused by an adverse drug reaction, which resulted in an "altered mental state." During this...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more

Third Circuit Revives In-House Attorney’s Whistleblower Claim

On April 12, 2017, the Third Circuit partially revived a former in-house attorney’s whistleblower retaliation lawsuit against his previous employer. Danon v. Vanguard Group, Inc., No. 16-cv-2881....more

What Retirement Plan Sponsors and Employers Need to Know About Cybersecurity Risk and Liabilities

by Winstead PC on

Many employers historically were only concerned with privacy and security for health plans under the Health Insurance Portability and Accountability Act (HIPAA)1 and state laws; however, there are other references to...more

Senators Again Seek to Open PCAOB Disciplinary Proceedings

by WilmerHale on

Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under...more

N.D. Indiana: Employer Bears Burden of Proving Whistleblower Exhausted Administrative Remedies

On February 1, 2016, the Northern District of Indiana ruled in a case brought under the Federal Railroad Safety Act (FRSA) that whether a whistleblower has fulfilled relevant administrative requirements prior to filing suit...more

Texas District Court Dismisses SOX Whistleblower Claim For Lack of Protected Activity

On March 21, 2017, the Northern District of Texas dismissed a former employee’s whistleblower retaliation claim on the ground that her allegations of fraud were too far removed from potentially harming the shareholders of a...more

Who is a Whistleblower Now?

by Bryan Cave on

On March 8, 2017, the United States Court of Appeals for the Ninth Circuit created a new wave in the ongoing debate over the scope of Dodd-Frank’s anti-retaliation or “whistleblower” protections. In Somers v. Digital Realty...more

A Divided Ninth Circuit Extends Dodd-Frank's Anti-Retaliation Protection for Whistleblowers

by Nossaman LLP on

Without a bright line requirement of an SEC contact to trigger whistleblower status, employers may not learn until after termination that an employee claims to be a whistleblower. Employees often raise internal questions,...more

Where Was the Whistle Blown? Split in Circuits over Retaliation Protection for Reporting Securities Violations

If you report your company for a federal securities violation, just how safe is your job? Curiously, that may depend on where you live. Recently, the Ninth Circuit weighed in, adding to a split among courts across the country...more

Circuit Split on Whistleblower Protections Widens

On March 8, 2017, a divided panel of the Ninth Circuit issued an opinion in Somers v. Digital Realty Trust Inc. that further widened a circuit split on the issue of whether the anti-retaliation provisions in the Dodd-Frank...more

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Cybersecurity

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