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.
Midsize banks that have been struggling to keep their footing in a rapidly changing regulatory environment are about to be hit with another punch, courtesy of Dodd-Frank.
Financial institutions should be prepared to increase their emphasis on documentation to avoid running afoul of federal regulatory authorities. Last week the OCC, Federal Reserve and FDIC issued proposed joint supervisory guidance for company-run stress testing under the Dodd-Frank Act (DFA).
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.
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.
As part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress amended the Commodities Exchange Act (CME) to add a new section of Prohibited Transactions entitled “Disruptive Practices.
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”).
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.
On June 12, 2013, the SEC issued the second-ever whistleblower bounty award pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in connection with SEC v. Andrey C. Hicks and Locust Offshore Management, LLC., No. 11-cv-11888 (D. Mass. 2011).