Proposed New York Law Provides Rewards and Protection to Financial Industry Whistleblowers

Pending legislation in New York State would provide protection and compensation for whistleblowers who provide original information about violations of banking, insurance, and financial services laws to the New York State Department of Financial Services (“DFS”).    Bill S4362, which appears to be based on the whistleblower provisions of the Dodd-Frank Act, a law that authorizes the CFTC and SEC to reward individuals who provide information concerning violation of federal commodities and securities laws, and provides protections against retaliation by employers against whistleblowers.  If passed eligible whistleblowers would be entitled to between 10 and 30 percent of monetary sanctions obtained by DFS for violations of these New York laws.

See Jonathan Sacks article in Forbes for more.  

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