The Dodd-Frank Act (“Dodd-Frank”) became federal law on July 21, 2010, it was created in response to the great financial crisis of 2008. The recession, universally considered “the worst monetary crisis since the Great Depression,” came about after the U.S. housing market bottomed out and the entire financial industry landed on the brink of disaster. 25 trillion in value disappeared from the US stock market overnight and 23 million people lost their jobs. The entire global economy fell into a recession with far reaching effects that can still be felt today.
The Dodd-Frank Act allows tipsters to claim a monetary reward up to 30 percent of the amount above $1,000,000 that the SEC recovers stemming from a whistleblower tip. Rewards paid out to date have reached over $30 million. Also, if you’re the victim of retaliation for whistleblowing on fraud, you may be entitled to re-employment, lost wages or benefits, attorney fees, and other litigation expenses.
The Dodd-Frank Act has a 6-year statute of limitations, which is long as far as it goes. However, waiting to bring a retaliation case against a former employer, however, may jeopardize your protected status under related laws, such as the Sarbanes-Oxley Act of 2002, which has a much shorter deadline. Failing to act quickly also could lower your chances of getting a reward from the SEC’s whistleblower program. Under Section 78u-6(h) of Dodd-Frank, you also have a private right of action in federal court if you feel that your employer retaliated against you