Whistleblowers continue to reap extraordinary awards under Dodd-Frank’s “bounty” program in exchange for bringing the Securities and Exchange Commission (SEC) “original” information that leads to a successful enforcement action. Most recently, the SEC announced its third-highest award since Dodd-Frank was enacted — an award of “more than $3,000,000” — to one such … Continue Reading
Can an employee who blows the whistle on alleged securities law violations within the company (and is therefore protected by the anti-retaliation provision of the Sarbanes-Oxley Act), but does not blow the whistle externally to the SEC, also invoke the more advantageous anti-retaliation protections of the Dodd-Frank Act in a private lawsuit? Or is Dodd-Frank limited to protecting external whistelblowers? There is a growing split of authority on this question among various federal appellate and district courts. On June 17, 2015, the Second Circuit heard oral arguments on this issue in Berman v. Neo@Ogilvy LLC, 14-4626 (2d Cir.); a … Continue Reading
A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial institutions to collect and maintain certain data in connection with credit... More >
Just days after the release of the final diversity standards under Section 342 of the Dodd-Frank Act, several prominent lawmakers and business leaders have criticized the new standards for not going far enough to promote diversity and inclusion within the financial services industry. The standards were issued jointly on June 9 by six federal agencies—the... More >
Last week, the Second Circuit heard oral arguments in Berman v. Neo@Ogilvy, a case that places squarely before the Court the question of who is a “whistleblower” within the meaning of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
Posted By: Robert B. Lamm
It shouldn’t come as a surprise to anyone nerdy enough to be reading this blog that the Dodd-Frank Act mandated SEC rulemaking in four areas relating to the disclosure of executive compensation: pay ratio, hedging, clawbacks, and pay-for performance. These items have been variously referred to as the “four horsemen” (as in apocalypse) or the... Continue Reading
Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action to enforce provisions of Dodd-Frank Title 10 or regulations issued under Title 10,... More >