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Description:
The U.S. Supreme Court held, in a 6-3 decision – its first regarding a Sarbanes-Oxley (SOX) whistleblower case – that SOX's anti-retaliation provision covers employees of a public company's private contractors and subcontractors. This case was brought by two former employees of FMR LLC, a private company that contracted to advise and manage Fidelity Investment's mutual funds. As is typical in the mutual fund industry, although the mutual fund itself is a public company, it is operated and managed by employees of a separate private company. In this matter, plaintiffs, who were employees of the private company, alleged that they engaged in whistleblowing after discovering putative fraud relating to the mutual funds, and that they were thereafter retaliated against and discharged. Each plaintiff then commenced a retaliation claim against FMR (but not against the mutual funds) pursuant to SOX's whistleblower protections.
Given the Court's decision in this case, employers that are privately held companies, but which contract to provide services to public companies, must be aware that SOX's whistleblower protections now extend to their employees to the extent such employees provide services to public companies. Such whistleblowing may include providing information or assisting an investigation regarding conduct that an employee reasonably believes constitutes mail fraud, wire fraud, bank fraud, securities or commodities fraud, a violation of any U.S. Securities and Exchange Commission rule or regulation, or any other provision of federal law relating to fraud against shareholders. This engaging webcast program will delve into:
• The SOX provision at issue before the Court
• The majority opinion
• Will the Court's decision will lead to a tidal wave of SOX whistleblower lawsuits?
YOUR SPEAKERS:
Daniel L. Schwartz is a partner in Day Pitney's Labor and Employment department. Dan defends employers in a wide variety of litigation matters, including but not limited to claims alleging wrongful termination, discrimination, harassment, invasion of privacy, breach of contract, whistleblower retaliation, violation of wage statutes and infliction of emotional distress. He also represents companies and individuals in injunction hearings arising from and related to non-competition and/or confidential information agreements. In conjunction with his active litigation practice, Dan counsels and advises employers on hiring procedures, employment contracts, employee handbooks, internal investigations, accommodation of disabilities, harassment prevention, termination procedures, and a variety of other matters. Dan assists clients both in avoiding litigation and in establishing the best available defenses to litigation.
Basil C. Sitaras is an associate in the firm's Labor and Employment department. He represents management in a broad spectrum of employment and labor law matters involving federal and state wage and hour disputes, Sarbanes-Oxley whistleblower protection and retaliation, breach of contract, and discrimination and retaliation under federal, state and local laws. Mr. Sitaras also provides advice and counsel to employers on all aspects of the employer-employee relationship, including equal employment opportunity and wage and hour compliance, employment applications and agreements, discipline and terminations.
 | | Practice Areas: | | Banking & Finance Law, Broker-Dealer, Corporate & Securities, Criminal Law & Procedure, Securities & SEC Regulation, White Collar Crime, White Collar Crime & Criminal Investigations | | | Online Media Type: | | Audio | | | Production Date: | | 04/10/2014 | | | Level: | | Intermediate | | | Category: | | Standard | | | Duration: | | 0 Hours, 59 Minutes | | | Online Format: | | On Demand | | | Course Type: | | Public |
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| | • | Daniel L. Schwartz - Partner - Day Pitney LLP, Stamford | | • | Basil C. Sitaras - Associate - Day Pitney LLP, Stamford |
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