WASHINGTON, Aug. 12, 2011 /PRNewswire-USNewswire/ -- A whistleblower award program signed into law last year under the Dodd-Frank Wall Street Reform and Consumer Protection Act is effective as from today, August 12, 2011. The program enables the U.S. Security Exchange Commission to pay awards to eligible whistleblowers in instances of violation of federal securities laws.
As the U.S. economy continues to struggle, compounded by a lowered Standard & Poor's rating that sent the New York Stock Exchange and European markets spiraling, corporate whistleblower cases are likely to increase as corporations try to tighten budgets and cut costs.
"In a down economy, more than ever, the SEC needs to be vigilant in prosecuting scofflaw corporations to ensure that companies that follow the law can operate on a level playing field," said Scott Oswald, a leading attorney who handles whistleblower cases in the U.S. and is a managing partner of The Employment Law Group.
With the new whistleblower award program in effect, and other laws more favorable to whistleblowers in place, Oswald believes more whistleblowers will be encouraged to come forward. The Internal Revenue Service, for example, has already reported an increase in whistleblower filings.
The firm is available to answer questions regarding the intricacies of the new whistleblower award program. For more information, please contact the following Employment Law Group attorneys:
About The Employment Law Group
The Employment Law Group® law firm is one of the premier employment law firms representing individuals from all over the United States and around the world in EEOC, Sarbanes-Oxley and other whistleblower cases against the government and publicly held U.S. corporations. The firm's attorneys have more than 70 years of experience litigating on behalf of individuals against employers who disregard federal and state whistleblower and employment laws.
SOURCE The Employment Law Group