DOL Board Clarifies Scope Of Whistleblower Protection

Law360, New York (April 1, 2011, 6:05 PM EDT) -- A U.S. Department of Labor board ruled Thursday that federal whistleblower protections cover employees of nonpublic units of publicly traded companies, overturning a victory for a subsidiary of Siemens AG.

Section 806 of the Sarbanes-Oxley Act does indeed regulate company subsidiaries whose financial information is included in the parent's consolidated financial statements, a full DOL board decided, bringing clarity to an unsettled area of law.

“Only by effectively viewing publicly traded companies and their subsidiaries as one and the same for Section 806 coverage purposes can...
To view the full article, register now.