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Bank found liable for violating whistleblower law

A federal jury has just found JP Morgan Chase liable for unlawful retaliation in violation of the Sarbanes-Oxley Act. According to the whistleblower lawsuit, a former wealth manager flagged a wealthy client of the bank for potential fraud and money laundering. Shortly thereafter, she was fired. The jury agreed, and found that she should be pain $563,000 in back pay and another $563,000 in emotional damages. The jury determined that the bank, as well as woman’s direct supervisor, were responsible for the unlawful termination.

The Sarbanes-Oxley Act (the “SOX Act”) was enacted in 2002 in response to several scandals involving large scale corporate fraud, in particular the Enron scandal. SOX was intended to provide greater oversight and auditing of corporate financial dealings and reporting, and to protect insider “whistleblowers” who identify fraudulent activity. Whistleblowers, such as account managers and other financial executives and employees were given protection in order to facilitate the reporting of wrongdoing without fear of retribution. In this instance, the jury determined that the woman was fired in violation of the Act.

For more information, or if you believe that you have suffered any form of retaliation, please contact the Atlanta whistleblower attorneys at Buckley Beal, LLP for an immediate consultation.

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