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DOL Finds SOX Whistleblower Violation

Published by on October 12, 2011

The U.S. Department of Labor has found Bank of America Corporation in violation of the whistle-blower provisions of the Sarbanes-Oxley Act.  More after the break. The U.S. Department of Labor’s Occupational Safety and Health Administration has found Bank of America Corporation in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act.  The Sarbanes-Oxley Act protects […]

The U.S. Department of Labor has found Bank of America Corporation in violation of the whistle-blower provisions of the Sarbanes-Oxley Act.  More after the break.

The U.S. Department of Labor’s Occupational Safety and Health Administration has found Bank of America Corporation in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act.  The Sarbanes-Oxley Act protects employees who raise concerns or provide information to the employer or the government from retaliation.

The employee, who worked at the Countrywide Financial Corporation branch of Bank of America, allegedly led internal investigations which revealed widespread and pervasive wire, mail, and bank fraud.  OSHA found that the Bank had illegally retaliated against the employee following his disclosures.

OSHA ordered the company to pay $930,000 to the employee, including back wages, interest, compensatory damages, and attorney fees.  Both the employee and Bank of America can appeal the damages to the Labor Department’s Office of Administrative Law Judges within 30 days.

To read the Department of Labor press release about the case, click here.

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