Wells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged they were retaliated against for blowing the whistle on financial misconduct.
The Occupational Safety and Health Administration (OSHA), a division of the U.S. Department of Labor, said the payout to the unnamed senior manager in the company’s Chicago-based commercial banking segment represented “back wages, interest, lost bonuses and benefits, front pay, and compensatory damages,” according to a press release Thursday. The manager was fired by Wells Fargo in 2019 and subsequently filed a complaint with OSHA.
After an investigation, OSHA determined the manager was a covered whistleblower under provisions of the Sarbanes-Oxley Act, and that his or her termination represented illegal retaliation against a whistleblower by Wells Fargo.