Jordan A. Thomas comments on whistleblower retaliation protection under the SEC's whistleblower program
Five years after Congress approved an expanded whistleblower program for the SEC, a fundamental question remains unresolved with increasing signs that the nation's high court could be asked to answer it.
The question: Must a whistleblower have reported his allegations to the SEC to qualify for protection against retaliation?
"This is an important issue for all parties," including advisory firms, says Jordan Thomas, a partner with Labaton Sucharow in New York, who represents whistleblowers.
An answer to that question could encourage or dissuade someone from going to a firm's compliance department with an allegation.