SDNY Says No Extraterritorial Application for Dodd-Frank Anti-Retaliation Provision

SDNY Says No Extraterritorial Application for Dodd-Frank Anti-Retaliation Provision

In Liu v. Siemens A.G., No. 13 Civ. 317 (WHP), slip op. (S.D.N.Y. Oct. 21, 2013), the U.S. District Court for the Southern District of New York held that the anti-retaliation protections found in Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 do not apply extraterritorially.  This blog posting summarizes the Court’s decision and analyzes the impact for multinational employers.

District Court Dismisses Case Challenging Constitutionality of Dodd-Frank for Lack of Standing

By | CFPB Monitor | August 7, 2013
District Court Dismisses Case Challenging Constitutionality of Dodd-Frank for Lack of Standing

When the State National Bank of Big Spring case challenging the constitutionality of several titles of the Dodd-Frank Wall Street Reform & Consumer Protection Act (“Dodd-Frank”) was originally filed in June 2012, I immediately identified its vulnerability to a motion to dismiss for lack of standing.

To the Barricades (Again)! We May See a New Proposal Round Dodd-Frank’s Risk Retention Rules Soon

By | CrunchedCredit | August 6, 2013
To the Barricades (Again)! We May See a New Proposal Round Dodd-Frank’s Risk Retention Rules Soon

Out of the dimensionless emptiness of the information vacuum surrounding Dodd-Frank risk retention that enveloped us early this year, the word is now spreading, through what you might charitably describe as informal communications (leaks), that the joint regulatory committee responsible for the risk retention rules is about to re-propose something, perhaps as early as September.

Fifth Circuit Holds That Employee’s Internal Complaints of Securities Violations Do Not Qualify for Dodd-Frank Whistleblower Protection

Fifth Circuit Holds That Employee’s Internal Complaints of Securities Violations Do Not Qualify for Dodd-Frank Whistleblower Protection

In a recent opinion of the Fifth Circuit Court of Appeals, the federal appellate court held that a former employee terminated after making internal complaints to his employer about possible securities violations, but who never made complaints to the S.E.C., was not a whistleblower under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd Frank”). 

Dallas Federal Reserve President to Congress: Dodd-Frank Makes “Too Big to Fail” Worse, Not Better

Appearing before the House Financial Services Committee on June 26, 2013, Richard W. Fisher, President of the Federal Reserve Bank of Dallas, invoked none other than Patrick Henry in support of his plea that Congress overhaul the Dodd-Frank Act [“DFA”] (which Fisher damned with the faint praise of being “well-intentioned”) in order to correct the systemic threat posed by financial institutions that remain too big to fail.