Jordan A. Thomas weighs in on the increase of retaliation cases in the coming years
International Game Technology, a manufacturing company that distributes slot machines, will pay half a million dollars for allegedly firing a highly regarded employee because he informed senior management and the SEC about potential wrongdoings in the gaming concern's financial statements. The case is the agency's second whistleblower retaliation case since the Dodd-Frank Act gave it authority to bring such lawsuits, and its first standalone anti–retaliation action.
Partner Jordan A. Thomas spoke with Bloomberg BNA to express how he wasn't surprised the commission had brought only two anti-retaliation cases. Thomas said it takes two to four years to complete an investigation and there may be cases in which the commission has investigated retaliation, but is still investigating accounting fraud or other possible misconduct. “I suspect in the coming years you're going to see a steady flow of retaliation cases and they will grow in number,” Thomas said. “This is the beginning of a much bigger wave of retaliation cases that we will see.”