California Employment Law Update

Tag Archives: Sarbanes-Oxley Act

Dodd-Frank Anti-Retaliation Protection Does Not Apply Absent Prior Notice To The SEC

Digital Realty Trust, Inc. v. Somers, 583 U.S. ___, 2018 WL 987345 (2018) Paul Somers alleged that his former employer Digital Realty terminated his employment after he reported to senior management suspected securities-law violations by the company. Somers neither alerted the Securities and Exchange Commission (“SEC”) of his concerns prior to his termination nor did … Continue Reading

Anti-Retaliation Provisions of Sarbanes-Oxley Act Apply Even If No Disclosure To SEC

Somers v. Digital Realty Trust, Inc., 850 F.3d 1045 (9th Cir. 2017) Paul Somers, who was formerly employed as a vice president of Digital Realty, alleged that he was fired after he made several reports to senior management regarding possible securities law violations. Somers did not report his concerns to the SEC. Somers sued Digital … Continue Reading

Employees Of Contractors Of Public Companies May Sue For Retaliation Under Sarbanes-Oxley Act

Lawson v. FMR LLC, 571 U.S. ___, 134 S. Ct. 1158 (2014) Plaintiffs in this case are former employees of private companies that contract to advise or manage mutual funds (collectively, “FMR”). Both plaintiffs allege that they “blew the whistle” on putative fraud relating to the mutual funds and as a result suffered retaliation from … Continue Reading

SOX Whistle-Blower Claim Was Untimely Filed

Coppinger-Martin v. Solis, 627 F.3d 745 (2010) Carole Coppinger-Martin alleged that Nordstrom, Inc. violated the whistle-blower-protection provision of the Sarbanes-Oxley Act of 2002 (“SOX”), 18 U.S.C. § 1514A, by terminating her employment in retaliation for her reporting to supervisors conduct she believed violated the rules and regulations of the SEC. The United States Department of … Continue Reading

Court Partially Dismisses Lawsuit Alleging Violation Of Sarbanes-Oxley Act

Romaneck v. Deutsche Asset Mgmt., 2006 WL 2385237 (N.D. Cal. Aug. 17, 2006) Lawrence Romaneck worked as the Director of Sales for Deutsche Asset Management’s West Region from 1996 to 2004. Deutsche Bank asserted that it had terminated Romaneck for his involvement in facilitating market timing by one of the company’s clients; Romaneck alleged his … Continue Reading

Company’s Proposed Payments To Corporate Officials Were Not Subject To Retention Under Sarbanes-Oxley Act

SEC v. Gemstar-TV Guide Int’l, 367 F.3d 1087 (9th Cir. 2004) As part of its announced plans to restructure its management and corporate governance, Gemstar-TV Guide entered into negotiations for termination agreements with its CEO and CFO. The CEO’s termination agreement provided for a “termination fee” of $22.45 million, an additional $7.03 million in unpaid … Continue Reading
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