September 18, 2008 by Robert Tharp at 1:55:19 pm
Sarbanes-Oxley offers little protection for whistleblowers, attorney Wade McClure
More than five years after the Sarbanes-Oxley Act was created following a wave of major corporate scandals, whistleblowers have not received the protections that many
expected when SOX was first created. According to the Wall Street Journal, whistleblowers prevailed in only 17 of the 1,273 cases filed since 2002. The result: a chilling effect on whistleblower complaints and increasing boldness by employers facing such complaints, says attorney Wade McClure, who handles complex business litigation at Dallas-based Gibson McClure Wallace & Daniels. "The protections in Sarbanes-Oxley are minimal, and whistleblowers are suffering as a result," he says. "People are ‘blowing the whistle' thinking they will be protected by the Act, but instead they are terminated and ridiculed. They incur substantial time and expense only to be left with no remedy or recourse." To interview Mr. McClure about whistleblower trends and business litigation, contact Robert Tharp at 800-559-4534 or robert@androvett.com.
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