Whistleblower Attys On Edge As Dodd-Frank Split Deepens
By Max Stendahl (July 18, 2013, 7:45 PM EDT) -- The Fifth Circuit ruled Wednesday that anti-retaliation provisions in Dodd-Frank only protect tipsters who disclose alleged fraud to the U.S. Securities and Exchange Commission, setting up a potential circuit split on an issue that could dramatically change how the whistleblower bar does business.
The appeals court ruled that Khaled Asadi, a former GE Energy USA LLC executive who was allegedly fired after reporting a possible securities law violation, did not qualify as a whistleblower under Dodd-Frank because he reported internally rather than to the SEC. As a result, the court found, Asadi could not sue GE under Dodd-Frank's anti-retaliation provision....
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