New York State Considering New Laws for Better Protection and Rewards for Whistleblowers

Our society has taken a dramatic shift in the last decade in the way that whistleblowers are thought of. They used to be the Benedict Arnolds of their industries. It is only in the aftermath of countless Americans losing their savings due to employees remaining silent that we realized that whistle blowing takes courage and a strong moral compass. Several laws have been enacted already to reward and protect people that bring attention to corporate wrongdoers. New York is now considering enacting yet another law for whistleblowers.

The main purpose of the law is to fill in some of the gaps that the current law leaves unfulfilled. At this time, the law does not reward whistleblowers as comprehensively as it could. Whistleblower protection attorneys in New York estimate that whistleblowers will receive millions of dollars more each year in rewards from the new law by filling in these gaps. There is a lot of support for the law due to the importance of the reputation of New York’s finance industry to the state’s economy.

It is hard to argue that the law should not be enhanced as proposed. Whistleblower protection laws protect unwitting victims that innocently invest their money into corporations from being defrauded out of their hard earned money. New York City attorneys that are experienced in representing whistleblowers believe that every company should support these laws for their own benefit. These laws protect competitors from illegally getting an unfair advantage through deceptive behavior. Ultimately, if companies behave ethically, they have nothing to worry about from this extension of the whistleblower law.

The enactment of the whistleblower protection and reward law will only help to preserve the confidence the world has in the largest financial market in the world. People that bravely put their careers on the line for the benefit of people they have never met deserve to be rewarded and protected for doing the right thing. The aim of the law is to eventually make whistle blowing a thing of the past by rewarding people that take a stand and punishing the corporations that engage in unethical business practices.

The  New York whistleblower attorneys at Hepworth, Gershbaum & Roth, PLLC are here to answer your questions about your rights and protection as a whistleblower. Schedule a free confidential  consultation by calling 212-545-1199 or online.