Sarbanes-Oxley

News & Analysis as of

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

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

Counsel to the Company: A Framework for Corporate Governance

As a threshold matter, counsel must identify, and remain clear as to, the identity of its client, which may be the company or a subsidiary, the Board or Board committee, or one or more executives. The identity of the client...more

Eleventh Circuit Sustains Award To Employer In Whistleblower Case

In a warning to plaintiffs’ counsel who seek emotional distress damages for alleged whistleblower retaliation under Florida law, the Eleventh Circuit in Smith v. Psychiatric Solutions, Inc., 750 F.3d 1253 (11th Cir. May 6,...more

Fourth Circuit Determines Whistleblower Termination Not Retaliatory Discharge Under Sarbanes-Oxley

The U.S. Fourth Circuit Court of Appeals ruled recently that an employee’s termination after reporting his company’s potential connection to export violations and insider trading did not amount to a retaliatory discharge...more

Supreme Court Extends SOX Whistleblower Protection to Contractors

The Reverend Martin Luther King, Jr. once said, “Darkness cannot drive out darkness; only light can do that.” Following a rash of financial calamities largely caused by risky and illegal conduct within publicly traded...more

The Network News

Fraud Index Released-Startling Findings - A survey of more than 1,400 organizations worldwide revealed startling 4th quarter results on fraud trends for 2013. The Fraud Reporting Percentage (FRP), which measures fraud...more

E.D. Pennsylvania Limits Supreme Court’s SOX Whistleblower Decision

In a case of first impression, the U.S. District Court for the Eastern District of Pennsylvania ruled that the U.S. Supreme Court’s holding in Lawson v. FMR LLC, 134 S. Ct. 1158 (2014)—that the whistleblower protection...more

Ethical Challenges Lawyers Face Under Sarbanes-Oxley

Deciding to report internal misconduct can be difficult for any employee or officer of an organization. For members of the legal profession, however, the decision can easily conflict with their ethical obligations. Lawyers...more

OSHA Orders Company to Pay SOX Whistleblower Back Wages

According to its recent press release, OSHA issued a preliminary order requiring SpongeTech Delivery Systems, Inc. of New York (Company), a cleaning product company, to pay a complainant $31,835.33 in back wages based on its...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

Why Lawyers Should Care about the New COSO Framework

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) 1992 Internal Control—Integrated Framework has long been recognized as the starting point for designing, implementing and conducting internal...more

Recent Decision Demonstrates Reach of Lawson; Extends SOX Whistleblower Protections to Employee of a Nonpublic Subsidiary of a...

We recently blogged about the U.S. Supreme Court’s decision in Lawson v. FMR LLC, 571 S. Ct. __, 188 L. Ed. 2d 158 (Mar. 4, 2014), which held that the whistleblower protections in section 1514A applied not only to the direct...more

Inside The Courts - May 2014 | Volume 6 | Issue 2

In This Issue: - AUDITOR LIABILITY: ..Athale v. Sinotech Energy Ltd., No. 11 Civ. 05831(AJN) (S.D.N.Y. Feb. 21, 2014) - BYLAWS: ..ATP Tour, Inc. v. Deutscher Tennis Bund (German Tennis...more

Preserving Some “Bite”: The Fourth Circuit Approves Summary Judgment for Employer in a SOX Retaliation Case

As we have discussed in earlier posts, the recent trend in court decisions under the Sarbanes-Oxley Act (SOX) has been to lighten the burden on complainants and to expand the universe of cases that proceed to decisions on the...more

Do Dodd-Frank's Stress Testing Results Hold Hidden Risks?

While the recent Dodd-Frank stress test results of the nation's 30 biggest banks might seem reassuring, prudent policy makers and practitioners should be wary. Like airport security, many are asking, ‘‘Are we...more

S.D.N.Y. Takes Broad Approach To SOX and Dodd-Frank Whistleblower Claims

The U.S. District Court for the Southern District of New York recently denied a motion to dismiss a plaintiff’s SOX and Dodd-Frank whistleblower claims, ruling that (i) the plaintiff engaged in SOX protected activity even...more

Careful Measures May Be Needed to Protect Privileged Internal Investigative Materials

In March, the U.S. District Court of the District of Columbia ordered defense contractors Kellogg Brown and Root Inc. and Halliburton’s (“KBR”) legal department to produce internal investigative reports that KBR contended...more

New York’s Court of Appeals Makes it Easier to Plead Whistleblower Law Claims

In a decision handed down last week, New York’s highest court ruled that a whistleblower need not plead the specific “law, rule or regulation” the employer allegedly violated to state a cause of action under New York’s...more

Fourth Circuit Says Employee Suing Under SOX Could Not Show Complaints Contributed to Termination Decision

The Sarbanes-Oxley Act (“SOX”) prohibits publically-traded companies from retaliating against employees for complaining about issues that could affect the shareholders of the company. On Monday, the Fourth Circuit Court of...more

Employers Defending Against SOX Whistleblower Actions Should Prepare for a Long Ride

Employers defending against Sarbanes-Oxley Act (SOX) whistleblower retaliation claims should be prepared for a long and potentially onerous litigation process, even if the claims lack merit. A recent district court decision...more

4th Circuit: SOX Whistleblower Failed To Establish A Prima Facie Case Regarding Causation

On May 12, 2014, the Fourth Circuit Court of Appeals affirmed summary judgment on a SOX whistleblower claim, concluding that the whistleblowers’ alleged protected activity was not a “contributing factor” in the challenged...more

Are Ethical Companies More Profitable? (Part II Of IV)

Forgive me for starting with a rhetorical question and for another in my series of profound grasps of the obvious. The answer, as we all know, to the posed question is a resounding yes. Without getting into the...more

California Employment Law Notes - May 2014

Male Employee's Sexual Harassment Claims Should Not Have Been Dismissed - Lewis v. City of Benecia, 224 Cal. App. 4th 1519 (2014). Brian Lewis, a heterosexual man, sued his former employer (the City of Benecia)...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

220 Results
|
View per page
Page: of 9