On September 23, 2025, in Park v. Shinhan Bank America, the U.S. District Court for the Southern District of New York dismissed whistleblower retaliation claims brought by four former compliance officers of Shinhan Bank America (“SHBA”) pursuant to Rule 12(b)(6). No. 22-CV-10331 (VSB). The claims arose under the Anti-Money Laundering Act of 2020 (“AMLA”) and the Financial Institutions Reform, Recovery,
Proskauer Whistleblower Defense
Blog Authors
Latest from Proskauer Whistleblower Defense
Colorado Federal Court Dismisses SOX and Dodd-Frank Whistleblower Claims, Emphasizing Administrative Prerequisites
On September 17, 2025, in Prkic v. Sezzle, Inc., the U.S. District Court for the District of Colorado dismissed whistleblower retaliation claims under both the Sarbanes-Oxley Act (“SOX”) and the Dodd-Frank Act (“Dodd-Frank”) where the plaintiff failed to: (i) submit her SOX claim to OSHA; and, (ii) provide information to the SEC during her employment. No. 24-cv-02624. The plaintiff’s claims…
DC District Court Dismisses SOX Whistleblower Retaliation Claim Where Plaintiff Was Employed Abroad And His Employment Contract Was Not Governed By U.S. Law
In Jefferson v. Science Apps. Int’l Corp., et al.,[1] the U.S. District Court for the District of Columbia dismissed the plaintiff’s whistleblower retaliation claim brought under Section 806 of the Sarbanes-Oxley Act (“SOX” or the “Act”), holding, in line with courts across the country, that the statute does not apply extraterritorially and that there can be no domestic application…
Washington Federal Court Refuses to Dismiss SOX Whistleblower Claim Despite Plaintiff Working Abroad
On March 25, 2025, in Smith v. Coupang,[1] the United States District Court for the Western District of Washington denied Coupang, Inc.’s motion to dismiss its former employee’s SOX and state law whistleblower claims despite the plaintiff working in South Korea for a South Korean subsidiary of a U.S.-based publicly traded company.
Background
Plaintiff is a U.S. citizen who…
Former Executive Secures $34.5 Million Settlement in Whistleblower Retaliation Case
On March 20, 2025, in Zornoza v. Terraform Global Inc. et al, No. 818-cv-02523 (D. Md. Apr. 4, 2025), a former executive of two SunEdison subsidiaries secured a $34.5 million settlement over his SOX whistleblower retaliation claims.
Background
Carlos Domenech Zornoza (the “Executive”), the former President and CEO of two SunEdison subsidiaries, filed a whistleblower retaliation complaint with the…
Third Circuit Refuses to Enforce Preliminary Reinstatement Order Issued By OSHA
On October 15, 2024, the U.S. Court of Appeals for Third Circuit declined to enforce a preliminary reinstatement order issued by OSHA in favor of two purported whistleblowers under SOX, holding that the former employees lost Article III standing after they abandoned the administrative process to instead challenge their terminations though a separate civil action in federal court. Gulden v.
SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule
The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the Commission staff about a possible securities law violation.” SEC Rule 21F-17(a). These settlements resulted in the targeted companies paying fines exceeding $3 million in the aggregate.
As we have previously…
DOJ Announces Development of a Pilot Whistleblower Rewards Program
On March 7, 2024, Deputy Attorney General Lisa Monaco announced that the U.S. Department of Justice (“DOJ”) is creating a pilot whistleblower rewards program, which will be developed and implemented over the next 90 days, with a formal start date to be announced later in 2024.
According to the announcement, individuals who assist the DOJ in “discover[ing] significant corporate or…
CFTC Releases FY 2023 Annual Report on its Whistleblower Program
The Commodity Futures Trading Commission (“CFTC”) recently released its statutorily mandated 2023 Annual Report detailing the status of its whistleblower program for the fiscal year ending on September 20, 2023.
The CFTC’s whistleblower program pays awards to eligible whistleblowers who voluntarily provide original information about violations of the Commodity Exchange Act (“the Act”) that leads either to a “covered judicial…
Eleventh Circuit Affirms Rejection of Employee’s SOX Claim for Lack of Protected Activity
On September 25, 2023, the U.S. Court of Appeals for the Eleventh Circuit affirmed the Department of Labor’s Administrative Review Board’s rejection of an employee’s Sarbanes–Oxley Act (SOX) retaliation claim, holding the employee did not engage in protected activity because he failed to establish that he had an objective, reasonable belief that the employer engaged in conduct that violated SOX. …