With the recent enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173), signed into law by President Obama last July, Congress has passed yet another law creating whistleblower protection for employees who complain about a perceived corporate "wrongdoing".
Dodd-Frank is not alone. The recent financial crisis has also spawned other new whistleblower protections, including those under the new health care legislation and the Restoring American Financial Stability Act.
Dodd-Frank adds an additional, potentially lucrative remedy for whistleblowers: they can earn a "bounty"—or a share of any monies received as a result of fraud they report—in addition to damages they may recover after a jury verdict.
Dodd-Frank also appears to make void and unenforceable any pre-dispute mandatory arbitration of these claims with the Department of Labor. Instead, employees will be guaranteed the right to a jury trial where they can receive double their back pay, with interest, if they prevail in a suit.
The Securities and Exchange Commission recently proposed regulations for the new whistleblower incentive program. The regulations highlight the sweeping nature of the new program—and that employers must act now to prepare.
What Does This Mean for You?
While only a few years ago, federal whistleblower protections were limited to companies involved in highly regulated industries, these laws now cover every industry and put all companies—large or small, publicly traded or privately owned—at risk.
Your employees also now have powerful weapons and an added incentive to make a claim.
How Should You Respond?
Our program will focus on new legislation and offer best practices for employers when examining their current ethics and compliance programs. We will also address:
Littler Boston attorneys, Gregory C. Keating, Eric A. Savage and Ilyse W. Schuman. Mr. Keating is also the author of a national treatise entitled "Retaliation and Whistleblowing: A Guide For Human Resources and Professionals (3rd Edition LEXIS 2010)".
11:00am – 12:30pm Pacific Time
12:00pm – 1:30pm Mountain Time
1:00pm – 2:30pm Central Time
2:00pm – 3:30pm Eastern Time
Please register by December 14, 2010.
CLE credit is pending for this event.
There is no charge for this program.
Questions and Special Accommodation Requests: Please contact Allison Weimer at email@example.com or 617.378.6066.