Federal Financial Reform Law (Dodd-Frank) Includes Whistleblower Protection.
Oregon employees or others who blow the whistle and report violations of securities law to the SEC are now eligible for a bounty of 10% to 30% of money collected by the Securities and Exchange Commission (SEC), so long as the total money collected exceeds $1 million. Section 922 of the Dodd-Frank Law allows the whistleblower to remain anonymous by using an attorney to pass along the information. Also, if the employer knows the identity of the whistleblower, the employer may not discharge or discriminate against the employee because of an honest report.
The SEC may pay a monetary reward if the whistleblower's information is "original information." Original means that the whistleblower came up with the analysis or facts independently, and the SEC does not already have the information from any other source.
The whistleblower must make the claim within 3 years of the date of the time the employee knew or should have known of facts supporting the allegation of wrongdoing.
The whisteblower reward may not be claimed by people convicted of participating or by people whose job it is to uncover problems, such as employees of regulatory agencies, the Department of Justice, or someone who performs audits required by the SEC.
In some ways, the new Federal Law is duplicates Oregon's Whistleblower Protection Law, which protects employees from discharge or discrimination for reporting violations of any law. What's new is the chance to earn a bounty under the Dodd-Frank Law.
The above does not constitute legal advice and does not establish an attorney-client relationship. However, feel free to call me if you are an Oregon whistleblower and feel like you need legal counsel.
Jeff Merrick, Oregon Trial Attorney
Injury and Employment Law
503-665-4234
