Sarbanes-Oxley

News & Analysis as of

Bank Whistleblower Suits Highlight Limits of Employee Confidentiality Agreements

Employers increasingly face the difficult scenario of employees who misappropriate company data in the pursuit of whistleblower claims alleging misconduct by the employer. Such cases can present a complex mix of regulatory,...more

General Counsel Permitted to Use Attorney-Client Privileged Information in Whistleblower Retaliation Case

In a recent case, Wadler v. Bio-Rad Laboratories, Inc. case number 3:15-cv-02356 (2016), the federal court in the Northern District of California ruled that the plaintiff and former general counsel of Bio-Rad Laboratories...more

S.D.N.Y. Dismisses Dodd-Frank Whistleblower Retaliation Claim

In one of the first cases to address the standard governing a motion for summary judgment in a Dodd-Frank whistleblower retaliation case, Judge Jed S. Rakoff ruled that two former executives of Vista Outdoor Inc. (the...more

Whistleblower General Counsel Prevails Through Use Of Attorney-Client Privileged Information

In a seminal trial court decision, the federal court in the Northern District of California ruled in a whistleblower retaliation case that a fired general counsel of Bio-Rad Laboratories could use as evidence otherwise...more

Will In-House Attorneys Reach for their Whistles?

The news is full of stories about whistleblowers collecting millions from their former employers. Surely at least a few in-house lawyers fantasize about that kind of payday. After all, who knows better than an in-house...more

Bio-Rad Stung by Nearly $8 Million Verdict in Whistleblower Lawsuit Brought by Former General Counsel

A jury recently found Bio-Rad Laboratories liable under the Sarbanes-Oxley Act and the Dodd-Frank Act for nearly $8 million in damages after the company’s alleged retaliatory firing of its former general counsel, Sanford...more

Federal Whistleblower Laws Collide With The Attorney-Client Privilege: The Bio-Rad Case Study

Seyfarth Synopsis: Federal whistleblower laws collide with the in-house attorney-client privilege. The trial round goes to the whistleblower. The expected appellate round has still not been fought. In a February 7,...more

Blog: Proposed changes in the Financial CHOICE Act 2.0

A just-released memo (subscription required) from Jeb Hensarling, Chair of the House Financial Services Committee, to the Committee’s Leadership Team outlines the proposed changes from the original Financial CHOICE Act,...more

Magistrate Judge Rules SEC’s Attorney-Conduct Rules Preempt State Law

Last December, Chief Magistrate Judge Joseph C. Spero ruled that the SEC’s attorney-conduct rules preempt California’s statutory and professional rules requiring attorneys to maintain inviolate the confidences. Wadler v....more

Ex-GC Awarded $8 Million For Retaliatory Firing

A California federal jury awarded Sanford Wadler, former General Counsel of Bio-Rad Laboratories, $8 million for his claims against his former employer under the whistleblower provisions of Sarbanes-Oxley (SOX) and the...more

CFTC Has Banner Year For Enforcement Actions in FY2016

The U.S. Commodity Futures Trading Commission (CFTC) recently released its enforcement results for fiscal year 2016. In FY 2016, the CFTC filed 68 enforcement actions and obtained restitution, disgorgement and penalty orders...more

Proskauer To Present On Whistleblower Developments At ABA Midwinter Meeting

On February 24, 2017 at 10:30 am, Proskauer Partner Connie Bertram will speak on “Whistleblower Provisions of Sarbanes Oxley” at the American Bar Association Section of Labor and Employment Law’s Federal Labor Standards...more

California Court Rules Sarbanes-Oxley Preempts California Law Regarding Privileged Communications in Suit by Former In-House...

By determining that the Sarbanes-Oxley Act (“SOX” or the “Act”) preempts California’s ethical rules, the Northern District of California ruled that an in-house attorney can rely on privileged communications and confidential...more

Whistleblower Conference Agenda Sizzles with Hot Topics

2016 was more than simply the most robust year in Foreign Corrupt Practices Act (FCPA) enforcement. It was also a record year in Securities and Exchange Commission (SEC) whistleblower awards and additionally the year the SEC...more

The “New” Face of Corporate Misconduct

As we look across the corporate governance landscape and focus on the spikes of corporate scandals, I started to wonder if there was any pattern or trend to the nature of corporate scandals....more

Recent Legal Developments Require Immediate Changes to Employee Agreements

Significant legal developments likely necessitate changes to your company's form of confidentiality agreement and severance agreement (as well as other documents containing confidentiality, non-disparagement and/or...more

Despite Privilege, GC May Pursue Whistleblower Retaliation Suit under SOX and Dodd–Frank

California’s USDC–ND ruled that Bio-Rad Laboratories’ former General Counsel may use privileged communications to prove his retaliatory-discharge case prosecuted under Sarbanes–Oxley and Dodd–Frank’s whistleblower...more

Valuation Disconnect Leads to 2016 IPO Drought

2016 turned out to be a terrible year for IPOs, both in terms of number of deals and aggregate proceeds. According to Renaissance Capital’s U.S. IPO Market 2016 Annual Review, only 105 companies went public on U.S....more

Former CFO Awarded $1.9 Million In SOX Case

An ALJ at the U.S. Department of Labor (DOL) recently ruled that a former CFO was entitled to approximately $1.9 million in back pay, front pay, and compensatory damages, concluding that he was retaliated against in violation...more

Does Sarbanes-Oxley Apply to Government Contractors?

Certain government contracts contain representations and warranties which require primes and subs to “comply with all applicable provisions of the Sarbanes-Oxley Act (“SOX”).” Several times, clients have asked which SOX...more

The Trump Administration: Change By Appointment

The election of Donald J. Trump as the 45th President of the United States, along with the Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in...more

Quick Guide to REIT IPOs - 2016

Real Estate Investment Trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the...more

"Inside the Courts: An Update from Skadden Securities Litigators"

We are pleased to present Inside the Courts (Volume 8, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Compliance isn’t Going Away (and Neither Should You) – Part III

I continue what has now become a week-long explanation of why the compliance function in a corporation and the compliance profession in general is not going anywhere, even with the election of Trump as President and a full...more

Compliance Isn’t Going Away (and neither should you) – Part I

Yesterday I presented my views on why I believe that Foreign Corrupt Practices Act (FCPA) enforcement will continue under the new administration. Today, I want to begin a multi-part series (sorry I don’t know how long it will...more

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