A New York federal court refused to dismiss a whistleblower claims in a putative class action accusing a company (“FAM”) and its president of illegally restricting trade in health care stocks and firing her in retaliation for exposing the policy. Ott v. Fred Alger Mgmt. Inc., No 11-04418 (S.D.N.Y. Sept. 27, 2012). Although the court dismissed breach of contract, breach of fiduciary duty, unjust enrichment, and other claims from the suit, it ruled that the plaintiff had adequately alleged violations of the Dodd-Frank Act against FAM and its president. FAM argued that plaintiff had not engaged in protected activity under the Dodd-Frank Act because her initial report to the SEC had been made before the statute’s effective date. The court ruled that because the information was provided to the agency after the effective date as well, her actions were protected under the statute.
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Dodd-Frank whistleblower suit continues although initial report pre-dates act
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