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Newly Amended Regulations Expand Available Whistleblower Protections

Once enacted, the new Treasury Laws Amendment will extend protections afforded to whistleblowers in the financial, credit and corporate sectors. This legislation will apply to any reports made by whistleblowers on or after July 1, 2018.

Under the current rules, a person only qualifies for whistleblower protection if he or she meets criteria such as:

  • Having a role as an officer, employee or contractor of a company
  • Making non-anonymous disclosures to ASIC, the auditor of the company or a senior manager or officer of the company in good faith
  • Having reasonable grounds to suspect the company or one of its employees or officers violated the Corporations Act

Some of the changes that will be implemented with this new legislation include:

  • Increasing whistleblower extensions for a wider variety of people, including former employees, suppliers and associates of a company, as well as the relatives or dependents of such a person
  • Broadening categories of recipients who can get a protected disclosure from a whistleblower
  • Allowing for anonymous disclosure of whistleblower information
  • Removing the burden on the whistleblower to prove they were acting in good faith
  • Expanding the scope of issues a whistleblower can disclose to include bribery, fraud, corporate corruption, terrorist financing, money laundering and other forms of misconduct
  • Adding an “emergency disclosure” in which a whistleblower is allowed to disclose information to a third party (such as a journalist) if there is “imminent risk” of danger or harm to public safety or health, or to the financial system

For further information on these legal changes and how they could affect your whistleblower claim, work with an experienced attorney at Kardell Law Group.

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Testimonials
  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

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