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Supreme Court agrees to hear Fidelity whistleblower case [View all]
Source: Reuters
Supreme Court agrees to hear Fidelity whistleblower case
By Lawrence Hurley
WASHINGTON | Mon May 20, 2013 10:24am EDT
(Reuters) - In a case involving whistleblowers at Fidelity Investments, the U.S. Supreme Court on Monday agreed to consider whether mutual fund employees are subject to the same whistleblower protections as workers at publicly traded companies.
Two Fidelity whistleblowers asked the court to decide whether the Sarbanes-Oxley Act, which prevents public companies from retaliating against whistleblowers, applies to private companies serving under contract as advisers to public companies.
Sarbanes-Oxley was enacted in 2002 after accounting problems brought down energy company Enron Corp and communications provider WorldCom Inc.
Mutual fund companies have argued they should be exempt from the law because the funds themselves technically have no workers apart from their boards of directors and instead hire private management companies to invest their money.
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By Lawrence Hurley
WASHINGTON | Mon May 20, 2013 10:24am EDT
(Reuters) - In a case involving whistleblowers at Fidelity Investments, the U.S. Supreme Court on Monday agreed to consider whether mutual fund employees are subject to the same whistleblower protections as workers at publicly traded companies.
Two Fidelity whistleblowers asked the court to decide whether the Sarbanes-Oxley Act, which prevents public companies from retaliating against whistleblowers, applies to private companies serving under contract as advisers to public companies.
Sarbanes-Oxley was enacted in 2002 after accounting problems brought down energy company Enron Corp and communications provider WorldCom Inc.
Mutual fund companies have argued they should be exempt from the law because the funds themselves technically have no workers apart from their boards of directors and instead hire private management companies to invest their money.
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Read more: http://www.reuters.com/article/2013/05/20/us-usa-court-fidelity-idUSBRE94J0F020130520
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