A former employee who failed to show he reported alleged securities law violations to the SEC, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), cannot claim his former employer unlawfully retaliated against him, federal Judge William J. Martini has ruled in Price v. UBS Financial Services, Inc.
The plaintiff was not a whistleblower protected by the DFA, the court concluded, despite his having testified before the Financial Industry Regulatory Authority, which is overseen by the SEC. The Supreme Court held in Digital Realty Trust, Inc. v. Somers that a protected DFA “whistleblower” includes only individuals who had provided information to the SEC itself. Accordingly, the District Court dismissed the DFA whistleblower retaliation claim, with prejudice.
