New Financial Reform Legislation Provides Whistleblowers with Expansive Protections
Today President Obama signed into law the "Dodd-Frank Wall Street Reform and Consumer Protection Act" (the "Act"). The Act expands existing whistleblower protections under Section 806 of the Sarbanes-Oxley Act ("SOX") and establishes several new whistleblower protections apart from those contained in SOX. In light of these developments, companies – both public and private – should familiarize themselves with the new rules, consider how to incentivize whistleblowers to report wrongdoing internally and prepare for defending against potential litigation. The attached client alert discusses these new rules.