Archives: Sarbanes-Oxley

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California Court Rules Sarbanes-Oxley Preempts California Law Regarding Privileged Communications in Suit by Former In-House Counsel

Written by Joseph C. Toris and Benjamin L. Rouder By determining that the Sarbanes-Oxley Act (“SOX” or the “Act”) preempts California’s ethical rules, the Northern District of California ruled that an in-house attorney can rely on privileged communications and confidential information to the extent they are reasonably necessary to assert a claim or defense. Wadler … Continue Reading

U.S. Securities and Exchange Commission Surpasses $100 Million in Awards Through Whistleblower Program

On August 30, 2016, the U.S. Securities and Exchange Commission (“SEC”) announced that it surpassed the $100 million mark in monetary awards for whistleblowers. Through the enactment of the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”), Congress established the whistleblower program to incentivize whistleblowers … Continue Reading

Sometimes a Complaint is Just a Complaint: Eighth Circuit Applies Reasonableness Standard to Reject Employee’s SOX Retaliation Claim

Earlier this summer, in Beacom v. Oracle, the U.S. Court of Appeals for the Eighth Circuit affirmed summary judgment dismissing the SOX and Dodd Frank Act claims of an employee who was fired from his Vice President position after he says that he complained about changes in his employer’s financial forecasting. The Court upheld dismissal … Continue Reading

“Put Up or Shut Up:” The Third Circuit Denies Former Tyco Employee’s SOX Whistleblower Claim

There have been a series of legal battles since 2009 between Tyco Electronics Corp. and its former accounts payable manager, Jeffrey Wiest, fired for sexually harassing and engaging in inappropriate sexual relations with several female subordinates. In the latest skirmish, a Third Circuit panel unanimously backed Tyco, holding that Wiest was, in fact, discharged for … Continue Reading

Split Appeals Court Decision May Set Stage for Supreme Court Review of Dodd-Frank Whistleblower Provision

A federal appeals court ruling on the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) may prompt U.S. Supreme Court review as to when an employee whistleblower is entitled to the benefits of the anti-retaliation provisions of the DFA. In a two-to-one decision, the U.S. Court of Appeals for the Second Circuit, in New … Continue Reading

Supreme Court Finds Something Fishy in Prosecution of Ship Captain Under Sarbanes-Oxley

On November 5, 2014, the United States Supreme Court heard arguments involving a unique application of the criminal penalties for evidence destruction under the Sarbanes-Oxley Act.  The evidence at issue: fish.  Specifically, three red grouper less than 20 inches long.  While a decision in Yates v. U.S. (13-7451) is not expected until June 2015, the … Continue Reading

Does Dodd-Frank Act Protect Whistleblower Who Did Not Report to SEC?

Whether a claimant qualifies as a whistleblower under the  language of the Dodd-Frank Act when he  does not complain directly to the SEC is  the question the Eighth  Circuit Court of Appeals in St. Louis may attempt to answer. Securities clearing and settlement firm COR Clearing LLC has appealed a Nebraska District Court’s denial of … Continue Reading

SEC Argues for Broad Construction of Dodd-Frank Act Whistleblower Anti-Retaliation Provision

In the wake of recent SEC pronouncements about huge numbers of whistleblower complaints in the pipeline, one of the most hotly contested issues under the Dodd-Frank Wall Street Reform and Consumer Protection Act “Dodd Frank Act”) has been the question of whether the Dodd Frank Act’s whistleblower anti-retaliation provision protects only those individuals who report … Continue Reading

5th Circuit Skirts Extraterritoriality Issue Under SOX

The U.S. Court of Appeals for the Fifth Circuit in Villanueva v. Core Laboratories, NV recently held that an individual employed by a foreign subsidiary of a publicly traded company did not engage in protected activity under the Sarbanes-Oxley Act because his complaints focused on violations of Colombian law, not violations of any of the … Continue Reading
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