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Sarbanes-Oxley News & Developments
Whistleblower Is VindicatedThis court decision is said to be the first related to SOX whistleblower protections.
> > A ruling by U.S. Department of Labor Administrative Law Judge Stephen Purcell ordered the Bank of Floyd and holding company Cardinal Bankshares Corp. to REHIRE former CFO David Welch with back pay. Cardinal fired Welch in October 2002 after he raised concerns about its financial reporting, alleged insider trading, and internal accounting controls.
Judge Purcell did not examine or rule whether charges were valid but only whether allegations "were based on a reasonable belief that violations were being committed," the applicable standard for whistleblower protection under SOX.
Click link below for entire article.
Source: CFO
Published:2004-02-05
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