A federal judge recently ruled that whistleblowers do not need to report to the Securities and Exchange Commission in order to be protected from retaliation in the workplace. This ruling is welcome news to whistleblowers who fear coming forward to expose fraud. California whistleblower and securities attorneys are glad to see that whistleblowers are being protected.
The judge in the case found that while Dodd-Frank whistleblowers who wish to receive a bounty are required to report wrongdoing to the Securities and Exchange Commission, the retaliation provision of the law does not have the same requirement. The definition of who is a whistleblower is broadly defined, thus those who report concerns internally are also protected from retaliation. The ruling will have the effect of protecting whistleblowers under anti-retaliation section of the law and reserving the right to claim a bounty for those who report wrongdoing to the Securities and Exchange Commission. California whistleblower and security attorneys are glad that whistleblower protections are expanding.
This ruling conflicts with a 2013 appeals court decision termed the Asadi case. In that case, the judge found that employees do have to report wrongdoing to the Securities and Exchange Commission in order to be protected from retaliation at work. At the present time there have been conflicting court rulings regarding protections for whistleblowers. California whistleblower and securities attorneys are hoping that the courts will continue to rule in favor of protections for whistleblowers.
Evans Law Firm, Inc. handles whistleblower/false claims, securities and stockbroker fraud, annuity fraud, investment fraud, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases. If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email firstname.lastname@example.org.