• Lesson Learned From 2011 - Whistleblower Complaint Survives Without Reference to Specific Statutes Allegedly Violated
  • December 27, 2011 | Authors: Whitney Deeney; Katayun I. Jaffari
  • Law Firms: Saul Ewing LLP - Wilmington Office ; Saul Ewing LLP - Philadelphia Office
  • The question regarding how the new whistleblower provisions of the Dodd Frank Wall Street Reform Act will fare may be judged by a decision from the District Court for the Southern District of New York, Sharkey v. J.P. Morgan Chase & Co., 2011 WL 3663401 (S.D.N.Y. Aug. 19, 2011). The district court held that a whistleblower plaintiff under Sarbanes-Oxley (SOX) need only plead that he or she had information that led to a reasonable belief that securities regulations or other federal anti-fraud provisions had been violated. In other words, in reporting the alleged violations to his or her employer and in filing a complaint under SOX, the whistleblower need not identify the specific statutes or code section alleged to have been violated.