Laws that protect whistleblowers from retaliation have played a major role in exposing fraud and wrongdoing at accounting firms, financial institutions and banks in recent decades, from Swiss bank UBS to the former accounting behemoth, Arthur Andersen. And many of the employees — and their lawyers — who have reported the wrongdoing have reaped millions of dollars in “bounty” for their complaints.
For better or worse, whistleblower litigation is expected to grow tremendously in 2011 and beyond, spurred in large part by a new federal law, the Dodd-Frank Wall Street Reform and Consumer Protect Act. The Dodd-Frank Act and other legal developments have greatly expanded the incentives to bring such suits and the anti-retaliation protections for whistleblowers who report alleged fraud or unlawful conduct.
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