Articles Tagged with Dodd-Frank

The SEC has flexed its (new…ish) muscles for the first time, penalizing Paradigm Capital Management Inc. in an enforcement action for retaliation against a whistleblower.

The Dodd-Frank Act prohibits retaliation against whistleblowers, specifically providing that “No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower” because of certain whistleblowing activities.  15 U.S.C. §78u-6(h)(1).  The regulations (specifically, 17 C.F.R. §240.21F-2(b)(2)) provide for enforcement in an action brought by the SEC.

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Whistleblower protections continue to expand with the recent U.S. Supreme Court decision in Lawson v. FMR LLC, which ruled that  the anti-retaliation protection provided to whistleblowers by the Sarbanes-Oxley Act of 2002 (“SOX”) applies to employees of private companies that contract with public companies.   Enactment of SOX was prompted by the collapse of Enron Corporation.  In particular, §1514A(a) provides that “No [public] company . . ., or any officer, employee, contractor, subcontractor or agent of such company, may discharge, demote, suspend, threaten, harass, or discriminate against an employee in the terms and conditions of employment because of [whistleblowing activity].”

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The 2007 great recession served as a peak moment in longtime calls for improvement to the American financial regulatory system.  In response to the outcry for system modification, the Obama Administration pushed for a sweeping large scale upheaval of the current regulatory procedure… Continue reading ›

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