Ex-GC Awarded $8 Million For Retaliatory FiringWritten by David A. Nenni and Jessica L. Sussman A California federal jury awarded Sanford Wadler, former General Counsel of Bio-Rad Laboratories, $8 million for his claims against his former employer under the whistleblower provisions of Sarbanes-Oxley (SOX) and the Dodd-Frank Acts (DFA). This case implicates a number of key issues confronting companies and their … Continue ReadingFebruary 7, 2017 |
CFTC Has Banner Year For Enforcement Actions in FY2016The U.S. Commodity Futures Trading Commission (CFTC) recently released its enforcement results for fiscal year 2016. In FY 2016, the CFTC filed 68 enforcement actions and obtained restitution, disgorgement and penalty orders totaling approximately $1.29 billion. The CFTC collected and deposited at the U.S. Treasury over $484 million in civil monetary penalties, nearly double the … Continue ReadingFebruary 3, 2017 |
What to Expect in Terms of Criminal Justice Priorities Under Attorney General SessionsSenator Jeff Sessions as U.S. Attorney General would be tough on urban crime, corporate wrongdoers, and immigration violations. An analysis of his recent Senate confirmation testimony, record as U.S. Attorney for the Southern District of Alabama, and public comments as a U.S. Senator, provides a picture of some of the prosecution priorities that Sessions is … Continue ReadingJanuary 30, 2017 |
California Court Rules Sarbanes-Oxley Preempts California Law Regarding Privileged Communications in Suit by Former In-House CounselWritten 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 ReadingJanuary 25, 2017 |
U.S. Securities and Exchange Commission Surpasses $100 Million in Awards Through Whistleblower ProgramOn 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 ReadingSeptember 22, 2016 |
Sometimes a Complaint is Just a Complaint: Eighth Circuit Applies Reasonableness Standard to Reject Employee’s SOX Retaliation ClaimEarlier 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 ReadingAugust 19, 2016 |
Supreme Court Decision Restricts Government Prosecution of Political CorruptionIn a unanimous 8-0 decision, the U.S. Supreme Court has vacated the political corruption convictions of former Virginia Governor Robert F. McDonnell for conspiracy to commit honest services fraud and Hobbs Act extortion and making false statements to federal officials. McDonnell v. United States, No. 15-474, 579 U.S. ___ (2016). McDonnell and his wife, Maureen … Continue ReadingAugust 11, 2016 |
Fourth Circuit Upholds Sarbanes-Oxley Whistleblower Retaliation Finding and Substantial Monetary AwardOn May 20, 2015, a split Fourth Circuit panel ruled Deltek, Inc., a Virginia-based software and information services provider, must pay a terminated whistleblower four years of front wages and thirty thousand dollars ($30,000) in college tuition. In doing so, two thirds of the panel affirmed the U.S. Department of Labor’s Administrative Review Board’s determination … Continue ReadingJune 17, 2016 |
Post-Luis, Law Enforcement Can Freeze Assets Not Tied to Crimes or Needed to Hire Counsel, Federal Court RulesOn March 30, 2016, the U.S. Supreme Court in Luis v. United States, No. 14-419, held that pretrial restraint of untainted assets needed by a criminal defendant to retain counsel of choice violates a Sixth Amendment right to counsel. This decision, however, left unresolved the broader question of whether the United States may restrain untainted … Continue ReadingJune 1, 2016 |
SEC Announces Third-Highest Award Ever to WhistleblowerWritten by Richard C. Paul On May 17, 2016, the Securities and Exchange Commission (SEC) announced that it would award between $5 million and $6 million, the third-highest award ever, to a whistleblower who provided information detailing securities violations committed by the whistleblower’s former employer. Under the so-called “bounty” provision of the Dodd-Frank Act, the … Continue ReadingMay 31, 2016 |
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