There is a new segment of employees not only in the government but also in the private sector today. This group is known by the unflattering name of “Whistleblower”. The term was obviously borrowed from the sports industry its use conjures up the image of a referee at a football or basketball game where the referee witnesses a rule infraction by one of the players and blows his whistle to penalize the team that made the “foul”. Today, however, because of the criminal acts that were commuted by the banks, mortgage companies, and brokerage firms that all but completely collapsed the financial system in America Congress enacted sweeping reform legislation. One, in particular, was the Dodd-Frank act which was enacted in 2010. One of the provisions of Dodd-Frank was a new whistleblower program that provided to the whistleblower powerful employment protection acts and monetary motivation to individuals that reported potential violations of federal securities laws to the Securities and Exchange Commission or as it is commonly known, the SEC.
As a response to this extraordinary legislation, the law firm of Labaton Sucharow established itself as the very first law firm in the country to establish a law firm that exclusively dealt with protecting and advocating for the SEC whistleblowers. Many people may wonder why this is even needed but when you think about it the answer of why becomes very clear. If you worked for a large investment firm and as an employee, you discovered your employer was robbing their clients blind or knowingly giving them false or misleading information just to make commissions how would you feel? Would you feel safe reporting these potential crimes to authorities? Of course, you wouldn’t, and that’s the reason Dodd-Frank was passed.
Labaton Sucharow has at its disposal a world class team of in-house investigators, monetary analysts, and forensic accountants with both federal and state law enforcement experience that will provide the best representation available for the whistleblower. In addition to the expert legal assistance available, Labaton Sucharow’s practice is led by a former Assistant Director and Assistant Chief Litigation Counsel of the Division of Enforcement of the SEC. This was done for only one reason, to make those companies that have been accused of wrongdoing to comply with the rules.
Additionally, under the rules of Dodd-Frank, the SEC is required to pay whistleblowers up to 30% of any money judgments collected as a result of a successful SEC enforcement action in which sanctions exceed $1 million dollars. It also prohibits retaliation by employers against employees.