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How The Dodd-Frank Whistleblower Provision Could Affect Your Management Liability Insurance
The Whistleblower Provision (Section 922 of the Dodd Frank Act) specifies that a person who provides to the SEC, original information of securities fraud within the company that leads to an enforcement penalty of $1 million or more may be entitled to collect between 10 and 30 percent of the penalties of $1 million or more. The Act prohibits employer retaliation against whistleblowers by employers and would provide for the whistleblower’s immediate reinstatement, as well as double back pay, attorneys’ fees, and other reasonable costs.
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