Qui Tam Rewards and Protections for Banking and Financial Industry Employees
There are several different laws protecting whistleblowers and providing rewards for people in the financial and banking sectors. The primary laws are the Sarbanes-Oxley Act (SOX) and the Dodd Frank Act. Together, SOX and Dodd-Frank govern nearly all aspects of the U.S. financial sector, and provide robust qui tam incentives and protections for whistleblowers.
In addition, there are a number of federal laws that apply specifically to banking and that protect employees of FDIC-insured institutions, federal banking agencies, the Federal Reserve and credit unions. These laws are similar in some ways to SOX and Dodd-Frank but protect employees who report additional types of misconduct. These laws allow for whistleblowers to file claims in federal court and carry a host of remedies including damages for wage and benefit loss and reinstatement.
You should contact Teske Katz Kitzer & Rochel if you work in the banking or financial industry and have questions about what protections and remedies are available if you report suspected fraud, unlawful banking practices or other misconduct.