On February 21, 2018, the United States Supreme Court held that the anti-retaliation provision of the Dodd-Frank Act (i.e., the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, 124 Stat. 1376) does not extend to an individual who has not reported a violation of the securities laws to the U.S. Securities and Exchange Commission (the “SEC”). As a result, an employee who reports allegations only internally to his or her employer, and not to the SEC, cannot rely on the whistleblower protections afforded by Dodd-Frank.
This decision limits the scope of anti-retaliation measures meant to protect whistleblowers under Dodd-Frank and may result in an increase in the number of complaints filed directly with the SEC.
For more, see Digital Realty Trust, Inc. v Somers: https://www.supremecourt.gov/opinions/17pdf/16-1276_b0nd.pdf