Caveat Whistleblowers

October 2008
Treasury & Risk;Oct2008, p16
The article focuses on the failure of the Sarbanes-Oxley Act to protect U.S. whistleblowers from retaliation. Attorney D. Bruce Shine criticized the law after a court ruled that his client and Bank of Floyd former chief financial officer (CFO) David Welch could not return back to his job after he revealed its overstatement of earnings. Department of Labor (DOL) noted that the law applies to publicly traded companies dismissing cases against UBS Financial Services, Siemens AG and WPP Group. Six out of 1,273 whistleblowers were protected by judges in 2002.


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