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Cardinal Refuses to Reinstate CFO

In the first Sarbox whistleblower case to go to trial, Cardinal Bankshares blocks CFO from reinstatement until a final order comes through.

> > In a widely watched whistleblower case, Cardinal Bankshares yesterday decided once again to refuse a Department of Labor recommended order by the judge to reinstate former CFO, David Welch, the outside attorney for the company Laura Effel told CFO. Instead, the bank holding company plans to wait and see whether the Department of Labor or Welch bring action against the company in U.S. District Court.
Source: CFO


Published:2006-06-28
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