SEC Clarifies DF Whistleblower Protections

Bloomberg Law
August 6, 2015

Jordan A. Thomas chats about the SEC’s interpretive release regarding Dodd-Frank’s anti-retaliation provisions

"It's a net positive everywhere," but will have "greater impact in circuits where the law in this area has not been developed," said Jordan Thomas, a New York-based partner at Labaton Sucharow LLP.

Thomas added that even in the jurisdiction of the U.S. Court of Appeals for the Fifth Circuit—the only federal appellate court that has ruled on the matter—whistleblowers and their counsel can augment their position with the release. "If whistleblowers and their counsel can differentiate the decision that was made in the Fifth Circuit with their case, in part by using some of the arguments that the commission made that may not have been made in the prior litigation, they have a better chance today than they did before the guidance was issued."