Second Circuit Rules Dodd-Frank Protects Whistleblowers Who Report Internally

//Second Circuit Rules Dodd-Frank Protects Whistleblowers Who Report Internally

Second Circuit Rules Dodd-Frank Protects Whistleblowers Who Report Internally

CATHERINE FOTI / FORBES – In a much-anticipated opinion, a divided panel of the Second Circuit Court of Appeals held in Berman v. Neo@Ogilvy LLC, that whistleblowers who report wrongdoing internally, but not to the Securities and Exchange Commission (“SEC”), are protected by the anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

The decision acknowledges the tension between the definitions subsection of Dodd-Frank and the anti-retaliation provisions and concludes that the provisions are sufficiently ambiguous to warrant deference to the SEC’s interpretive rule. As explained in the decision, the Dodd-Frank Act, in the definitions subsection, defines “whistleblower” to mean “any individual who provides … information relating to a violation of the securities laws to the Commission” …

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2017-01-02T17:00:50+00:00 September 13th, 2015|JMS in the News|0 Comments

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