Wells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
By 
Aaron Nicodemus2022-09-02T14:56:00
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged they were retaliated against for blowing the whistle on financial misconduct.
The Occupational Safety and Health Administration (OSHA), a division of the U.S. Department of Labor, said the payout to the unnamed senior manager in the company’s Chicago-based commercial banking segment represented “back wages, interest, lost bonuses and benefits, front pay, and compensatory damages,” according to a press release Thursday. The manager was fired by Wells Fargo in 2019 and subsequently filed a complaint with OSHA.
After an investigation, OSHA determined the manager was a covered whistleblower under provisions of the Sarbanes-Oxley Act, and that his or her termination represented illegal retaliation against a whistleblower by Wells Fargo.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefLabor Department proposal seeks clarity for OSHA inspection reps
The Department of Labor issued a notice of proposed rulemaking to clarify regulations regarding authorized employee representatives during Occupational Safety and Health Administration compliance officer inspections.
-
ArticleOSHA widens enforcement scope with severe violator program update
More companies and industries are at risk of falling under the Occupational Safety and Health Administration’s Severe Violator Enforcement Program now that the Labor Department agency has broadly expanded its enforcement scope.
-
ArticleExxonMobil to pay reinstated employees $800K in OSHA whistleblower ruling
Oil and gas giant ExxonMobil must reinstate two previously fired employees and pay them more than $800,000 in back wages, interest, and compensatory damages after the Occupational Safety and Health Administration determined the terminations to be illegal.
More from Regulatory Enforcement
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
-
News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.