Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Employment Law StrategistKickerFeaturesTopicsRegulationSectionsNewsLJN Newsletters

Advising a Whistleblower After Dodd-Frank

By Tammy Marzigliano and Jordan A. Thomas

On July 21, 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, the most significant financial reform effort since the Great Depression. 17 CFR ' 240.21F-1, et seq. Part of that legislation directed the Securities and Exchange Commission (SEC) to establish a whistleblower program that pays monetary rewards to eligible whistleblowers, and prohibits work-place retaliation by employers against whistleblowers. The program arose in response to a long series of corporate scandals that defrauded countless investors and shook investor confidence. To become eligible for the monetary reward, the whistleblower must voluntarily provide the SEC with original information about a violation of the federal securities laws that leads to a successful enforcement action in which the SEC obtains monetary sanctions over $1 million. Whistleblowers who provide such information are eligible for an award of 10% to 30% of the monetary sanctions.

The potential for this type of monetary reward is revolutionary in securities enforcement, and since the enactment of the whistleblower program, the offer of monetary rewards has garnered the lions share of attention from commentators. But the robust anti-retaliation provisions contained in the guidelines are just as ground-breaking and equally important. These provisions prohibit employers from retaliating against individuals who provide the SEC with information about possible federal securities law violations, and victims of such retaliation are granted an independent cause of action with significant potential remedies. In addition, whistleblowers are permitted to report securities violations anonymously if they are represented by counsel.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The Article 8 Opt In Image

The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.

Major Differences In UK, U.S. Copyright Laws Image

This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.

Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers Image

There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.

Strategy vs. Tactics: Two Sides of a Difficult Coin Image

With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.

Transfer Tax Implications on Real Property Leases Image

The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.