THE GLOBAL FINANCIAL CRISIS Whistleblowers server a very crucial role by keeping companies in check
In the aftermath of the global financial crisis and corporate scandals such as Enron and WorldCom, that decimated people's retirement and lives, regulators have placed a greater emphasis on incentivizing employees to report instances of corporate misconduct and greed. As a result, there has been a significant increase in whistleblower programs across industries intended to protect and reward employees who come forward with information about unlawful activities. In many cases, these individuals are operating under some degree of risk. Therefore, there has been growing interest in how the law can help support and protect whistleblowers from retaliation.
What is a Whistleblower?
A whistleblower is anyone who has and reports insider knowledge of illegal activities occurring in an organization. Whistleblowers can be employees, suppliers, contractors, clients, or any individual who becomes aware of illegal business activities. A person may also be considered a whistleblower if they report misconduct committed by an auditing firm or law firm. Employee whistleblowers are often protected by the law, and many organizations have implemented policies to encourage them to report misconduct. It is important to note that there is no one-size-fits-all approach when it comes to encouraging whistleblowing. Whistleblower protections vary based on the type of misconduct reported and the number of individuals involved. You should speak to an experienced Nashville whistleblower attorney if you are thinking of blowing the whistle.
Why is protection for whistleblowers important?
The importance of having protections for whistleblowers cannot be overstated. Whistleblowers play a critical role in holding businesses and industries accountable and they also protect taxpayer dollars. Blowing the whistle on fraud or any other illegal activity that goes against the public interest benefits the government and its people. That is why the U.S. government offers incentives and protections to those who share credible information with them, and why greater emphasis is being placed on whistleblower programs and need to protect those individuals willing to come forward and expose fraud being committed against the government. Encouraging employees to report instances of misconduct ultimately benefits consumers and shareholders alike. Investors can expect greater transparency from corporations and a risk reduction. Similarly, customers can expect higher standards of corporate behavior.
How can the law help protect whistleblowers?
Federal and state laws protect whistleblowers in many cases. For example, the Sarbanes-Oxley Act protects employees who report financial misconduct at publicly traded companies. Likewise, the Dodd-Frank Wall Street Reform and Consumer Protection Act protects employees who report misconduct against companies in the financial industry. The False Claims Act protects whistleblowers who report fraud against the government. Many employees mistakenly believe that they are protected by company policy alone. This is not the case. On the contrary, employers often can terminate or otherwise retaliate against employees who report misconduct. Therefore, the law needs to continue to evolve and protect whistleblowers from the harmful effects of retaliation.
WHISTLEBLOWING IS A WAY TO PROTECT THE PUBLIC
You may not think of your profession as having anything to do with protecting the public, but many professions have a responsibility to do so. For example, doctors and other medical professionals have to report on doctors who are not keeping patients safe and following the standards of care.
The same with lawyers. Professionals who design and build infrastructure, as well as those who construct, maintain, and fly airplanes have to report on practices that violate federal or local laws, are not safe, or waste resources. Personnel in other fields may have a responsibility to report on violations of ethical standards. For example, psychologists and other mental health professionals have a duty to report if a colleague appears to be a danger to clients or is otherwise unfit to practice. Similarly, lawyers have to report if a colleague commits misconduct, such as committing an ethical violation or withholding information that they are ethically required to share with their client. Conclusion
The growth in whistleblower programs has led to an increase in the importance of protecting whistleblowers. This is especially true in light of the global financial crisis, during which many companies engaged in fraud or misconduct. If you know or have evidence that your employer is acting illegally or unethically and you are thinking of blowing the whistle, call an experienced Nashville whistleblower attorney. A Nashville whistleblower attorney can explain the entire process and give you their opinion of the merits of your case.
If You Are Thinking of Blowing the Whistle, Contact Nashville Whistleblower Attorney Timothy L. Miles Today
If you have knowledge of fraud against or by the federal government, contact Nashville whistleblower attorney Timothy L. Miles who can guide you through the whistleblower process and explain your whistleblower protections. The consultation is free and confidential. Just complete the form below to get started or call (855) Tim-M-Law. Ask a Nashville whistleblower attorney, you could be entitled to a significant whistleblower award.
Please also visit our Resources center which provides a wealth of information on whistleblower lawsuits, among others. Call today and see what a Nashville whistleblower attorney can do for you.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] Nashville whistleblower attorney Timothy L. Miles Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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