- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-09T20:27:00
In a unanimous decision Thursday, the Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act.
The case, Murray v. UBS Securities, centered around the termination of former UBS analyst Trevor Murray, who was tasked with writing independent research reports on UBS’s commercial mortgage-backed securities (CMBS). Murray blew the whistle after he alleged he was pressured to write reports in a way that favored UBS’s products and sales strategies.
In its ruling, the court said whistleblowers don’t have to prove they were terminated because of “retaliatory intent”—a decision expected to set a precedent that impacts all corporate internal reporting cases in favor of whistleblowers.
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The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
The Consumer Financial Protection Bureau is warning companies against intimidating potential whistleblowers by forcing them to sign broad nondisclosure agreements to deter misconduct from coming to light.
A whistleblower will be paid $37 million by the Securities and Exchange Commission for providing original, credible information that led to a successful enforcement action.
Anonymous employees of OpenAI accused the company of requiring employees to sign nondisclosure agreements (NDAs) that “prohibited and discouraged” them from reporting securities law violations to federal regulators.
