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The Extraterritorial Application of the Dodd-Frank Whistleblower Provisions

By Jason C. Schwartz, Thomas M. Johnson, Jr., and Amanda Penabad
July 25, 2011

The Dodd-Frank Wall Street Reform and Consumer Protection Act creates new financial incentives for employees who cooperate with or provide information to the Securities and Exchange Commission (SEC) in connection with violations of the securities laws, and also creates a new anti-retaliation cause of action for employees who participate in this program. Dodd-Frank also expands the existing Sarbanes-Oxley Act (SOX) whistleblower anti-retaliation provision, and creates other new anti-retaliation causes of action for whistleblowers who provide information to the Commodity Futures Trading Commission and the Bureau of Consumer Financial Protection. In response to the new Dodd-Frank whistleblower bounty provisions, plaintiffs' lawyers are already soliciting whistleblowing tips from employees of multinational corporations across the globe.

However, two preliminary questions that employment lawyers should ask are: 1) whether employees who reside outside the United States may be ineligible for such bounties; and 2) whether such employees could bring whistleblower retaliation claims under Dodd-Frank challenging terminations or other employment actions outside of the United States.

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