Supreme Court deals blow to Wall Street whistle-blowers with unanimous ruling
WASHINGTON — The Supreme Court dealt a blow to some Wall Street whistle-blowers Wednesday.
The justices ruled unanimously that employees are not protected from retaliation if they blow the whistle on alleged corporate misdeeds without going to the Securities and Exchange Commission.
That limits the whistleblower protections in the 2010 federal law cracking down on Wall Street fraud and abuse because of the specific way the so-called Dodd-Frank law was written by Congress.
It was a major victory for conservatives who argue that judges should interpret laws literally, and agencies should not be granted discretion to implement them differently. It was a loss for consumer groups that lobbied for both the 2010 law that followed the Wall Street financial crisis and a 2002 law enacted after the Enron securities-reporting scandal.
Both of those laws included provisions to protect employees who blow the whistle on alleged wrongdoing. But the Dodd-Frank law defined whistle-blowers narrowly by specifying that they must notify the Securities and Exchange Commission, not just company officials.
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