Wolf Popper's Practice Includes the Representation of Securities Fraud Whistleblowers Under the New Financial Reform Legislation
NEW YORK, Sept. 22 /PRNewswire/ -- On July 21, 2010, President Obama signed into the law Dodd-Frank Wall Street Reform and Consumer Protection Act, the most comprehensive piece of financial reform legislation since the Depression (the "Dodd-Frank Act"). The Dodd-Frank Act amends the Securities Exchange Act of 1934 to include provisions that are designed to encourage people to report violations to the Securities and Exchange Commission ("SEC"). In particular it creates a program to encourage people to report securities violations.
Since even before the passage of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), Wolf Popper LLP has worked with confidential sources and other whistleblowers. Now, under Section 922 of the Dodd-Frank Act, such whistleblowers who voluntarily provide the SEC with "original information," that is, information that is derived from the whistleblower's own knowledge or analysis, that leads to the successful prosecution under the securities laws, will be awarded between 10% and 30% of "what has been collected of the monetary sanctions imposed." Any whistleblower who wants to submit anonymously the information upon which a case is based and make a claim for such an award may do so if the whistleblower is represented by counsel.
Additionally, the Dodd-Frank Act provides explicit protections for the whistleblower against retaliation by employers. "No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any manner discriminate against, a whistleblower" because of any lawful act done by the whistleblower in providing information or in assisting the SEC. Employees may sue employers if they have suffered retaliation from their employer because of any such whistleblowing. Such suits may be filed in federal court and relief for such individuals may include "reinstatement with the same seniority status that the individual would have had," "2 times the amount of pay back," and "compensation for the litigation costs, expert witness fees, and reasonable attorneys' fees."
Particularly since the passage of the PSLRA, whistleblowers have played critical roles in helping to enforce the securities laws and to recover monies that investors have lost. Wolf Popper stands ready to aid whistleblowers in correcting corporate wrongdoing and obtaining monetary reward to such whistleblowers for their efforts.
For more information, see the Firm's website at www.wolfpopper.com, or contact James Harrod at 212-451-9642 or [email protected].
Wolf Popper LLP |
|
845 Third Avenue |
|
New York, NY 10022 |
|
(212) 759-4600 |
|
www.wolfpopper.com |
|
ATTORNEY ADVERTISING. © 2010 Wolf Popper LLP. This release does not constitute legal advice as to any person's specific situation. Legal advice and opinions are provided by the firm only upon engagement with respect to specific factual situations.
SOURCE Wolf Popper, LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article