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Before The Whistle Blows: Understanding And Addressing The Expanding Scope Of Whistleblower Protections Under Sarbanes-Oxley And Dodd-Frank



by William J. Foley
Cadwalader, Wickersham & Taft LLP - New York Office

Jason M. Halper
Cadwalader, Wickersham & Taft LLP - New York Office

Lambrina Mathews
Cadwalader, Wickersham & Taft LLP - New York Office

May 15, 2014

Previously published on May 12, 2014

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 Consumer Protection Act ("Dodd-Frank") in 2010 following the global credit crisis that began a few years earlier. Both statutes offer protections for employees who face retaliation for "blowing the whistle" on corporate misconduct, and Dodd-Frank also provides enhanced monetary incentives to the employees who do so. Given the SEC's recent and often-stated commitment to strict enforcement of the securities laws, coupled with the fact that the SEC has received over 6,000 whistleblower complaints in the past two years (and has made six awards since inception of its whistleblower reward program in 2011), whistleblowing activity now is a fact of corporate life that is likely to become even more prevalent as awareness spreads of the Dodd-Frank whistleblower reward program.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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Author
 
William J. Foley
Jason M. Halper
Lambrina Mathews
Practice Area
 
Labor & Employment
 
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