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Be careful what you wish for, Corporate America

Tom Fox | March 27, 2018

Last month, the U.S. Supreme Court issued its decision in Digital Realty Trust v. Somers, in which it unanimously held that Dodd-Frank’s anti-retaliation provisions don’t count if the case involves a violation of securities law that has not been reported to the SEC first. While the decision is a victory for employers, corporate America will certainly lose the war of engendering employee trust, creating better and more robust compliance and even saving themselves greater fines and penalties when the SEC comes knocking.

The decision negatively impacts attempts to create a best practices compliance program, a key part of which is an internal reporting mechanism (i.e., the Justice Department and Securities and Exchange Commission’s Hallmark 8 of an Effective Compliance Program). CCOs and compliance practitioners encourage reporting to not only comply with the DoJ/SEC Ten Hallmarks and U.S. Sentencing Guidelines on internal reporting, but to create more effective...

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