SEC HomeStreet Action Broadly Interprets Dodd-Frank

Law360, New York (January 24, 2017, 11:33 AM EST) -- Nicolas Morgan

Thomas A. Zaccaro The day before Mary Jo White was scheduled to step down as U.S. Securities and Exchange Commission chairwoman, the SEC brought the latest action in a string of settled cases expanding potential liability faced by companies for purported whistleblower retaliation.

On Jan. 19, the SEC settled with Seattle-based financial services company HomeStreet Inc. for, among other things, alleged violations of Securities Exchange Act Rule 21F-17, one of the whistleblower rules adopted pursuant to the Dodd Frank Wall Street Reform and Consumer Protection Act.

While Dodd-Frank explicitly prohibits an employer from retaliating against a whistleblower by discharging,...

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