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Employment Law Provisions Of Dodd-Frank Wall Street Reform And Consumer Protection Act

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act ("WSRCPA").  I have addressed here in previous posts the employment law provisions of the WSRCPA.  For easier reference I have summarized those provisions here with links to the posts. 1.  Amendments to the Commodity Exchange Act. Section 748 of the WSRCPA amends the Commodity Exchange Act by providing a financial award for whistleblowers and protecting them from retaliation. 2.  Amendments to the Securities Exchange Act. Section 922 of the WSRCPA amends the Securities Exchange Act by providing a financial award for whistleblowers and protection from retaliation. 3.  Amendments to the Sarbanes-Oxley Act. Section 929A of the WSRCPA amends the Sarbanes-Oxley Act of 2002 ("SOX") by prohibiting retaliation against those employed by subsidiary and affiliates of publicly traded companies, extending the statute of limitations on SOX retaliation claims from 90 to 180 days, providing for a jury trial and making pre-dispute SOX claim waivers and arbitration agreements unenforceable. 4.  The Consumer Financial Protection Act of 2010. The WSRCPA includes the new Consumer Financial Protection Act of 2010 ("CFPA").  The CFPA creates a Bureau of Consumer Financial Protection that regulates the consumer financial products and services industry. Section 1057 of the WSRCPA is the anti-retaliation provision of the CFPA that protects whistleblowers in the financial products and services industry and provides them with a private cause of action. 5.  Amendments to the False Claims Act. Section 1079A of the WSRCPA amends the False Claims Act to broaden the protections afforded whistleblowers involved in qui tam actions to include those "associated with" the whistleblower.  It also adds a three year statute of limitations. The WSRCPA is consistent in its attempts to protect whistleblowers with more favorable procedures, broader protections and damages and a disdain for employer-mandated arbitration.  GSF

 

 

 

 

 

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