This past Tuesday, in the case of Lawson v. FMR, LLC the United States Supreme Court rendered a decision where it extended whistleblower protections to individuals and businesses that conduct business with public companies. This effectively extended the whistleblower protections to financials advisors working with third party firms.
The Supreme Court decision stems from a claim made by two employees of FMR LLC, a subsidiary of Fidelity Investments. After highlighting what they believed to be improper company practices that could harm shareholders (particularly how certain mutual funds were being managed by Fidelity Brokerage Services, LLC—another subsidiary of Fidelity Investments), the two advisors claimed they were retaliated against. In a Reuters article released last week, the Executive Director of the National Whistleblower Center Mr. Stephen Kohn indicated that the Supreme Court Ruling is of particular significance for the financial industry. Specifically, Mr. Kohn stated that he “had a number of cases where the company tries to manipulate the employee relationship to have the employee lose whistleblower protections.”
At Vernon Healy, we stand ready to assist financial advisors and other professionals in guiding them through the whistleblower process in order to preserve all rights available under state and federal law. If you believe you have a possible whistleblower claim against your former or current employer, contact us here or give us a call at 877-649-5394. Our attorneys can help you quickly understand the procedures you need to follow in order to ensure that you maintain your rights in case you need to bring a claim.