- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-07-11T19:05:00
The Supreme Court agreed to hear arguments in a case that has focused attention on the burden of proof whistleblowers reporting misconduct internally must meet to establish retaliation by their public company employer.
One expert said the court’s decision could discourage employees from reporting misconduct internally and instead encourage them to file a claim with the Securities and Exchange Commission (SEC).
The case, Murray v. UBS Securities, was placed on the court’s docket in May, following an August decision by the U.S. Court of Appeals for the Second Circuit to overturn a lower court’s decision that had favored the whistleblower, Trevor Murray.
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The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.
The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.
The Securities and Exchange Commission announced awards totaling more than $104 million to seven whistleblowers whose information and assistance led to a successful enforcement action.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
