Whistleblower Cases on the rise
One of the faster growing categories of legal cases is Whistleblowing. These cases involve a person, usually an employee, who brings the unlawful activity of a company to light. New regulations encourage more whistleblowing, and increase the reward for bringing attention to the wrongdoing.
Thanks to the well documented Wall Street and Banking scandals, amongst other things, employees are more open-minded about questioning their employer’s business ethics after witnessing so much fraud and greed. Other motivators include regulatory changes; under the 2010 Dodd-Frank Act whistleblowers stand to win 10 to 30 percent of any verdict over $1 million. The Dodd-Frank Act also gives much greater protection to employee whistleblowers. Employers are not allowed to retaliate against an employee whistleblower, or the employee can sue for double back pay along with reinstatement. This means that employees no longer have to stay silent for fear of losing their jobs. The statute of limitations was also extended to six years after the unlawful action took place.
In order to ensure that all of these new rules are being enforced, the SEC opened the Office of the Whistleblower in 2011. The Office handles tips and complaints, and assists in determining the size of awards. This increased power for bigger rewards and better protection programs means less risk for employees, potentially increasing the number of those willing to come forward.
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