Since the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, sweeping changes have been made to the American financial services industry. This act provided for the establishment of a whistleblower program. The program provides notable financial incentives and employee protection to individuals who disclose financial violations. Such disclosures are often made to the Securities and Exchange Commission.
Labaton Sucharow was among the first law firms to respond to the enactment of the act. The firm established a division, which focuses exclusively on the protection of SEC whistleblowers. The division has been a massive success because its formation was based on Labaton Sucharow’s famed securities litigation program. The firm’s SEC whistleblower lawyers division boasts the services of leading financial analysts and investigators, who work in liaison with the legal experts to offer unrivaled representation to whistleblowers.
In a bid to encourage more insiders to make disclosures, the SEC offers monetary rewards. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, whistleblowers are entitled to between ten and thirty percent of all the monetary sanctions that are gained from a fruitful SEC enforcement action. Awards are similarly offered in the event that the value of a sanction exceeds 1 million dollars.
Labaton Sucharow has put in place measures to ensure that individuals who make disclosures via its whistleblower program, reap maximum rewards. The firm similarly conducts exhaustive proprietary analyses whenever its clients request an evaluation of a whistleblowing case. This enables legal practitioners working in the program to argue for higher rewards.
Under the act, whistleblowers have the right to employment protection. Making a disclosure is obviously a difficult decision, personally and professionally. In the past, it was more difficult to blow the whistle because employees feared losing their jobs, or getting intimidated. The act provides anti-retaliation protection to employees. Employers cannot dismiss, discharge, suspend, harass, discriminate or threaten employees who provide incriminatory information to the Securities and Exchange Commission.
Labaton Sucharow ensures that the employee protections are upheld. It also represents whistleblowers who have been subjected to any form of retaliation. The law firm files law suits in case the employee protection laws were violated. It should however be noted that the protections are ineffective until the affected employees report the violations. Besides employee protections, whistleblowers are also eligible for other types of protections, which vary from one state to another. However, the protections exist irrespective of whether the supposed violations are found to be true or not.