In a unanimous decision the Supreme Court ruled that the whistleblower protections provided under the Dodd-Frank Act cover individuals who have reported a violation of securities laws to the Securities and Exchange Commission – but not to those who have not reported.
In Digital Realty Trust Inc. v. Somers, the court ruled that Paul Somers, who reported suspected securities-law violations to his company but not the SEC before the company terminated him, was not subject to the Dodd-Frank protections.
The decision said the plain text of the statute narrowed the scope of coverage, even as the SEC argued that the protections should apply on a broader basis. Read on for more, including a concurring opinion which could impact other cases involving plain language interpretations of Dodd-Frank text.
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