Leslie D. Miller, deputy general counsel
The U.S. Court of Appeals for the Fifth Circuit has held that a provision in the Dodd-Frank Act protecting whistleblowers from employer retaliation does not cover individuals who communicate possible securities law violations only within their company, not to the SEC. This decision may have significant implications for the internal reporting procedures that many companies have developed to encourage reporting of possible wrongful acts. Employees will now have even less incentive to use internal reporting procedures, in lieu of reporting to the SEC, as they would not qualify for the Dodd-Frank whistleblower protection. Issues in Brief

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