On February 21, 2018, the United States Supreme Court held that the anti-retaliation provision of the Dodd-Frank Act (i.e., the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, 124 Stat. 1376) does not extend to an individual who has not reported a violation of the securities laws to the U.S. Securities and Exchange Commission (the “SEC”).  As a result, an employee who reports allegations only internally to his or her employer, and not to the SEC, cannot rely on the whistleblower protections afforded by Dodd-Frank.

This decision limits the scope of anti-retaliation measures meant to protect whistleblowers under Dodd-Frank and may result in an increase in the number of complaints filed directly with the SEC.

For more, see Digital Realty Trust, Inc. v Somers: https://www.supremecourt.gov/opinions/17pdf/16-1276_b0nd.pdf

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We recently commissioned a whistleblowing survey of 2,500 business managers in France, Germany, Hong Kong, the UK and the US. Our report sets out the trends shown by the survey results and how understanding these might help inform businesses’ approach to whistleblowing.