Sarbanes-Oxley and Dodd-Frank
In 2002, Congress passed the Sarbanes-Oxley Act (SOX), which protects whistleblowers who report violations of securities laws. In July 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). Dodd-Frank amended SOX in several respects, significantly increasing the protections available to whistleblowers in the financial services industry.
Under Dodd-Frank, which applies to both public and privately held companies, an employer cannot retaliate against an employee for disclosing any information that is protected or required under SOX; the Securities Exchange Act of 1934; and any other law, rule or regulation subject to the jurisdiction of the Securities and Exchange Commission. Dodd-Frank also protects employees who report truthful information relating to federal crimes. An employee who prevails under Dodd-Frank may receive up to twice the amount of wages lost due to retaliation, as well as attorneys’ fees. Dodd-Frank also allows for a whistleblower to receive cash awards between 10% and 30% of amounts that the SEC recovers based on the whistleblower’s report.
Whether you are an executive, manager, professional, or hourly employee, blowing the whistle can make you feel isolated and at-risk. We can help you assert your rights and protect your career and reputation. We can also help you recover compensation for any losses or injuries that you have suffered.