Dodd Frank Whistleblower Protections and Rewards
What is the Dodd-Frank Act?
The Dodd-Frank Act is a major Wall Street reform law that was signed into law on July 21, 2010. If you are a Dodd Frank whistleblower, keep reading to learn how to proceed with your case.
Does the Dodd-Frank Act contain whistleblower protections for corporate employees?
Yes. The Dodd Frank Act included the following major reforms for corporate whistleblowers:
- The SEC Whistleblower Reward and Protection law
- The Foreign Corrupt Practices Act whistleblower reward law
- The Commodity Exchange Act whistleblower reward and protection law
- Major improvements for in the Sarbanes-Oxley Act whistleblower protection law
- New Dodd Frank whistleblower anti-retaliation protections under the consumer fraud laws
- Clarification of the Statute of Limitations in False Claims Act retaliation cases.
What were the Major Reforms for securities and commodities whistleblowers in the Dodd-Frank Act?
The most significant breakthrough in the Dodd-Frank Act concerned securities and commodities frauds. Trading in securities and commodities covers most of the publicly traded companies in the entire world. Thus, under the Dodd-Frank Act reforms, most of the worldwide publicly traded economy is now covered under a whistleblower reward program, and for those employees within the United States, a strong anti-retaliation law also provides protection for employees in the publicly traded economy.
For whistleblowers under the Securities and Exchange Act, the Commodity Exchange Act and the Foreign Corrupt Practices Act, the Dodd-Frank Act created enhanced provisions to protect the confidentiality of whistleblowers, and also permits whistleblowers to anonymously file reward claims.
Moreover, because the Foreign Corrupt Practices Act is incorporated into the SEC’s securities regulatory scheme, the international whistleblowers who provide information on foreign bribery covered under the FCPA are also entitled to a financial reward.
Finally, both the Securities and Exchange Commission and the Commodity Futures Trading Commission were required to pay qualified whistleblowers a reward of between 10-30% of all proceeds collected based on the whistleblowers original information. If a reward was denied, the whistleblower could challenge the denial in court.
What were the other whistleblower reforms contained in the Dodd-Frank Act?
In addition to creating the strong reward provisions for securities and commodity fraud cases, the Dodd-Frank Act also created new whistleblower protections covering consumer frauds. Specifically, Dodd Frank whistleblowers would be protected from retaliation if they reported violations of law to the newly created Consumer Financial Protection Board, or reported violation of consumer protection laws to their supervisors.
Additionally, the Sarbanes-Oxley Act was amended in the following manner:
- The statute of limitations was increased to 180-days;
- Subsidiaries of publicly traded companies were explicitly covered under the SOX
- Mandatory arbitration was prohibited
- The right to a jury trial was made explicit.
Finally, the statute of limitations in False Claims Act retaliation cases was set at 3-years.
Where can I obtain more information on the Dodd-Frank Act?
The New Whistleblower’s Handbook contains extensive information on the Dodd-Frank Act protections. Rule 1 covers confidentiality and anonymity; Rule – covers the reward provisions of the Securities and Commodity Exchange Acts, Rule – covers the reward provisions of the Foreign Corrupt Practices Act, and information on retaliation is contained throughout the Handbook.
The Handbook can be purchased here. All proceeds for these sales are donated to the National Whistleblower Center.
For a tax deductible donation of $50.00 or more, you can obtain a free copy of the Handbook from the National Whistleblower Center.
Where can I obtain legal assistance in filing a Dodd-Frank Act case?
Please fill out one of the law firm’s intake forms describing your case.