The Dodd-Frank Wall Street Reform and Consumer Protection Act
California Dodd-Frank Wall Street Reform and Consumer Protection Act lawyers
(A) IN GENERAL.—No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower.
What is the Difference Between The Dodd-Frank Act and The Sarbanes-Oxley Act?
Both the Dodd-Frank Act and the Sarbanes-Oxley Act are in place to protect whistleblowers against employer retaliation. However Section 922 of the Dodd-Frank Act has expanded upon the existing provisions to provide a much broader base of protections. Under the existing rule, whistleblowers were limited to violations of federal securities laws and various types of fraud. The Dodd-Frank Act now covers whistleblowers who disclose any violations originally covered in the Sarbanes-Oxley Act and any other federal offenses. Most significantly, whistleblowers are now protected from disclosures under 18 U.S.C 1513(e): “Whoever knowingly, with the intent to retaliate, takes any action harmful to any person, including interference with the lawful employment or livelihood of any person, for providing to a law enforcement officer any truthful information relating to the commission or possible commission of any Federal offense, shall be fined under this title or imprisoned not more than 10 years, or both.”
How has the Dodd-Frank Amended the Existing Law?
- Protects whistleblowers who provide information regarding all federal offenses
- Offers 10% – 30 % of sanctions recovered as an incentive
- In the past, whistleblowers were required to file a preliminary complaint with the Occupational Safety and Health Administration – now there is no such requirement
- Statute of Limitations – no more than six years after the violation or three years after facts are known or reasonably should have been known by the employee. In any event, no action may be brought more than 10 years after the violation
- Reinstatement with equivalent seniority and two-times back pay with interest and reasonable attorney’s fees
- Applies to both public and private companies – private companies are now subject to federal oversight
- It encourages whistleblowers to come report violations which in turn will deter unlawful business practices
For more information on IRS whistleblower practices and rewards in California and for a free and confidential consultation with a Whistleblower Attorney in California, contact Evans Law Firm Inc..