The Supreme Court held that the Dodd-Frank Act’s whistleblower anti-retaliation provisions only apply where a violation of the securities laws is reported to the SEC, and do not extend to situations in which the violation is reported only internally.  In so holding, the Court resolved a circuit split that had left uncertainty over the scope of the provisions.  Individuals who report to the SEC remain covered by the provisions, which allow immediate access to federal court, have a six-year statute of limitations, and allow employees to recover double back pay with interest. However, employees who make a report only internally continue to be protected by the more limited anti-retaliation provision of the Sarbanes-Oxley Act.

Supreme Court Opinion

Client Note