Clifford Chance
Supreme Court Provides Much-needed Clarity to Dodd-Frank Act Whistleblower Status
22 February 2018
On February 21, 2018, the U.S. Supreme Court ruled that individuals who make internal disclosures of alleged unlawful activity—as opposed to those who report wrongdoing to the Securities Exchange Commission ("SEC")—are not protected as "whistleblowers" under the Dodd Frank Act, overturning the Ninth Circuit's holding in Somers v. Digital Realty Trust Inc. and resolving a hotly contested circuit split. The decision provides much-needed clarity for businesses, which now have clear guidelines regarding who qualifies for "whistleblower" protection.
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