The American financial sector is subject to a variety of laws and regulations that control its behavior. The passage of the Dodd-Frank Act in 2010 expanded many of these regulations as well as provided additional protections for whistleblowers.
The Securities and Exchange Commission (SEC) has the monumental task of enforcing the federal banking and investing laws. In this immensely valuable industry, the SEC simply lacks the necessary time and resources to discover every example of malfeasance. Because of this, the law encourages whistleblowers to come forward with information for a potential reward.
The Dodd-Frank Act plays a significant role in many Columbia whistleblower claims. This includes providing protection against possible retaliation as well as defining the rewards that you may claim through a writ of Qui Tam. An attorney in Columbia could assist you in filing reports and seeking out rewards.
The 2008 financial crisis impacted almost every American. Specifically, the unregulated swaps market saw immense losses that led to significant financial trauma.
In response, Congress passed the Dodd-Frank Act in 2010. This Act resulted in a variety of significant reforms, including:
Most relevantly, Section 922 of the Dodd-Frank Act allows whistleblowers to claim a reward after coming forward with information. It states that these rewards may be between ten and 30 percent of the funds that the government recovers in the case. A lawyer in Columbia could provide more information about the Dodd-Frank Act and Columbia whistleblower claims.
One of the primary motivations for serving as a whistleblower is the potential reward that accompanies information that a person provides to the government. One of the ways in which an attorney could assist whistleblowers is by helping them to develop their complaints. This can include fully investigating a notion that something illegal has happened and making it clear that a whistleblowers is filing a writ of Qui Tam.
A lawyer could also help to shield whistleblowers against potential retaliation. This is especially relevant if a whistleblower is preparing to come forward against their employer. Despite the fact that federal law strictly prohibits workplace retaliation under Dodd-Frank, reprisals in the form of harassment, demotion, or termination remain prevalent. An attorney could help to determine if retaliation has occurred. If so, they could take the lead in filing a civil lawsuit that demands appropriate remedies for employees.
The American financial industry obtained new powers following the 2008 financial crisis. Among these was the increased ability to regulate the swap market under the Dodd-Frank Act. Still, the SEC lacks the resources to uncover every violation and often relies on whistleblowers to come forward with relevant information.
If you believe that you have evidence of an SEC violation that falls under the umbrella of the Dodd-Frank Act, a Columbia lawyer may be able to help you with your claim. This can include helping you to develop your report, demanding rewards through writs of Qui Tam, and even shielding you from potential workplace retaliation. Reach out to an attorney to learn more about Columbia whistleblower claims under Dodd-Frank.