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The now infamous General Motors mea culpa, which followed the automotive giant’s recall of almost six million cars, has brought the importance of a “speak up culture” front and center. As part of the company’s long road to...more
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
On June 16, 2014, the SEC entered an order (the “Order”) instituting cease and desist proceedings against an investment adviser, Paradigm Capital Management, Inc. (“Paradigm”), and Paradigm’s founder, Director, President,...more
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
Investment adviser and its owner settle SEC enforcement action for nearly US$2.2 million.
On June 16, 2014, the US Securities and Exchange Commission issued a cease and desist order and assessed a US$300,000 civil...more
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
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
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
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
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
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
The Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) was enacted following the accounting scandals of the early 2000s involving Enron, WorldCom and other public companies. Congress passed the Dodd-Frank Wall Street Reform and...more
In Lawson v. FMR, LLC, the U.S. Supreme Court held that the whistleblower protections established in the Sarbanes-Oxley Act of 2002 (SOX) cover employees of a public company's private contractors and subcontractors, reversing...more
On Oct. 1, 2013, the Securities and Exchange Commission (SEC) announced that it had awarded more than $14 million to an unidentified whistleblower who provided information leading to a successful enforcement action — by far...more
One of the hardest issues for compliance professionals is encouraging employees to raise concerns about ethics and compliance issues. It has become even more difficult when the government establishes whistleblower programs...more
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
Attention all employers with employees in California: On October 12, 2013, California Governor Jerry Brown signed into law Senate Bill (SB) 496, amending the whistleblower retaliation provisions set forth in section 1102.5 of...more
On March 4, 2014, the U.S. Supreme Court issued a decision in Lawson v. FMR LLC expanding the class of persons protected under the anti-retaliatory provisions set forth in the Sarbanes Oxley Act of 2002 ("SOX"). The Court...more
The Securities and Exchange Commission recently weighed in on a whistleblower case pending in the Second Circuit, urging the court in Liu v. Siemens, A.G. to adopt the SEC’s interpretation of the Dodd-Frank Act’s...more
A pilot program enacted by Congress went into effect last spring to protect whistleblowers who are working on federal grants. While it remains under the radar, this program is worth your review, as it not only imposes new...more
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
In October 2013, California enacted several new laws that provide California workers, who are seeking to change their personal information, engage in whistleblower activity, or exercise their workplace rights, with expanded...more
Last week, we identified five important questions employers should ask themselves to test whether they are ready for key changes in California law that are coming in 2014. Here, we take a closer look at one of those changes:...more
Companies need to recognize the importance of responding effectively to a whistleblower complaint. The Enron case, and many others after that, started with a whistleblower complaint which the company either ignored or...more
This month, the U.S. Senate unanimously approved proposed legislation which would protect whistleblowers who alert authorities or their employers to suspected criminal antitrust activity (referred to as the Criminal Antitrust...more
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