On July 21, 2010, President Obama signed into law,
effective July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Dodd-Frank Act," "Dodd-Frank," or the "Act"), H.R. 4173. Sections
922 and 929A of the Dodd-Frank strengthen and expand the...
NEW YORK - A Second Circuit U.S. Court of Appeals panel on
Nov. 17 affirmed summary judgment on federal False Claims Act (FCA) termination
claims by former Pfizer executive Peter Rost but reversed judgment as to his
claims under New Jersey's whistle-blower protection laws ( Peter Rost v.
Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides an expanded whistleblower program that allows the whistleblower to get part of the money paid to the SEC for the violation. After several years of encouraging the development of internal complaint hotlines and compliance...
As previously reported by Keller and Heckman LLP,
President Obama signed the Food Safety Modernization Act (FSMA) into law on
January 4, 2011. While most of the provisions regarding stricter food safety
standards will not be effective until 2012, FSMA Section 402, which provides
No, (to my knowledge) Wikileaks hasn't released detailing
corruption in the SEC. Instead, Sherron Watkins, the primary
whistleblower in the Enron fraud, weighed in on the SEC's
new incentives for whistleblowers . In a panel discussion about
whistleblowers held by the New York State Society...
A number of different organizations generate
annual publicity for themselves by designating a word (or
words) of the year . We are not yet half way through 2011 but I am already
prepared to propose my own candidate for this year's word of the year - the
word is "whistleblower." From the...
On May 25, 2011, the SEC adopted the final rules
implementing the whistleblower provisions of the Dodd-Frank Act .
The SEC declined to propose a rule that would have required whistleblowers to
report first through internal corporate compliance programs. However, the SEC
adopted changes that are intended...
WASHINGTON, D.C. - (Mealey's) The Securities and Exchange Commission
on May 25 adopted 17 new rules providing for whistle-blower incentives and
protection under the Securities Exchange Act of 1934, bringing it in compliance
with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In a blow to the efforts of internal compliance, the SEC
will let corporate whistle-blowers collect a percentage of penalties when they
report financial wrongdoing, even when they bypass companies' internal complaint
"For an agency with limited resources like the SEC, it is
by Gary Larkin
As you all may well know by now, the SEC has adopted its
final rules to create a whistleblower bounty program as part of the Dodd-Frank
Act by a familiar 3-2 split vote. The rules, which go into effect 60 days after
they are submitted to Congress or published in the Federal Register...
As part of the Dodd-Frank Act ("Dodd-Frank" or the
"Act"), Congress created powerful incentives to encourage persons to report (i)
potential violations of the federal securities laws to the Securities and
Exchange Commission ("SEC")1 and (ii) potential violations of the...
SEC's Dodd-Frank whistleblower rules may
incentivize employee bounty-hunting at public companies. Companies need to
improve their compliance programs to limit the potential hazards.
On May 25, 2011, the U.S. Securities and Exchange
Commission (SEC) adopted final
rules (the "Rules") for...
Perkins Coie Experts Examine the SEC's Final Rules
Implementing the Hotly Anticipated New Dodd-Frank Whistleblower Bounty Program
and Provide Practical Guidance for Post-Act Compliance
By Patrick Collins Esq., T. Markus Funk Esq.,
Gina LaMonica Esq. and Caryn Trombino Esq.
I am on the ground in Palo Alto this week at the
annual Stanford Law School Directors' College ,
where the opening speaker on Sunday night was SEC Commissioner Troy Paredes ,
whose presentation was in the form of a dialog with Stanford Law Professor and
former SEC Commissioner Joseph
Consider the following two wrongful discharge cases, both recently decided by different Ohio appellate courts, and think about which you believe presents a bigger risk for the employer:
1. In Morris v. Dobbins Nursing Home (6/20/11) , a nursing home aide claimed that she was illegally terminated because...
The CFTC was given expanded powers to financially reward
whistleblowers through the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). Pursuant to new Section 23 of the Commodity
Exchange Act (CEA) entitled, "Commodity Whistleblower Incentives and
Protection," the CFTC...
Fulbright's Financial Reform Task Force
M. Benedict and Blake
Section 922 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act authorized the SEC to reward whistleblowers for
reporting violations of federal securities laws to the government and created a...
The time period that an internal whistleblower must wait
before he or she can bring information to the Securities and Exchange
Commission (SEC), under the Dodd-Frank Whistleblower provision, within 120 days
after the information has been internally reported to the company. Is your
company ready for...
Even thought the SEC's final
regulations for the Dodd-Frank whistleblower program just became effective
on August 12, 2011, the agency has already filed its first report on the
whistleblower program. Under Section
924(d) of the Dodd Frank Act, the SEC must report annually to Congress on
Dodd-Frank added Exchange Act Section
21F(g)(5) and requires that SEC's Office of the Whistleblower to report to Congress
annually on the whistleblower program. It's due each October 30. I'm sure the
SEC wanted to be in compliance, so they released the first annual report on the
What is a compliance professional's worst nightmare? Last week in Episode 49 of This Week in FCPA , Howard Sklar and I speculated on why the UK Serious Fraud Office (SFO) would announce it was opening an investigation into the activities of the UK defense contractor, EADS. On Tuesday, in a Financial...
Whistleblower information may be one of the SEC's "most
effective weapons in its new enforcement arsenal," but the agency's
whistleblower program "faces challenges on many fronts," according to an April
23, 2013 New York Times Dealbook article entitled "Hazy Future...
On October 30, 2013, the SEC announced another whistleblower bounty award under the Dodd-Frank whistleblower program. Although the size of this latest award ($150,000) is relatively modest compared to the recent $14 million award (about which refer here ), the most recent award does suggest that awards...
Whistleblower reports to the SEC continued to rise during the latest fiscal year, according to the agency’s annual Dodd-Frank Whistleblower Program report to Congress. According to the November 15, 2013 report, a copy of which can be found here , there were 3,238 whistleblower reports to the SEC...
On August 18, 2015, the Occupational Safety and Health Administration released a directive to its regional offices to adopt “early resolution” alternative dispute resolution in whistleblower cases. The directive follows a successful pilot program by OSHA in its Chicago and San Francisco regions...