Whistleblower Reports Illegal Trading Policies to the SEC and is Fired
Cleveland, OH (Law Firm Newswire) November 8, 2012 - This lawsuit had its beginnings as a wrongful termination lawsuit, but portions of it were related to Whistleblower’s law.
“This is an interesting case (Ott v. Fred Alger Management Inc et al, U.S. District Court, Southern District of New York, No. 11-04418) for a variety of reasons, but what we want to look at is the whistleblower aspect,” explained Tom Robenalt, a Cleveland whistleblower attorney.
The former portfolio manager filed a claim stating she was fired in retaliation for protesting the money manager’s trading policies, which benefited co-workers at her expense, or acted to sabotage her earnings. This lawsuit is one of the first filed after financial reforms were brought into being in 2010. Its reason for being was to ban companies from getting even with whistleblowers.
The woman who filed a whistleblower’s lawsuit, a former U.S. Army Black Hawk copter pilot, stated that the Chief Executive of the company she worked for brought in a new policy that allowed some fund managers to place trades for their funds, before she was allowed to place hers. She was forced to ask permission to make trades. The up side of this change of policy was that the other funds did well, but hers did not. Frustrated over the state of affairs at work, and regarding the policy as illegal, she filed a formal complaint with the SEC in 2010.
It was not long afterwards that she was on the receiving end of harassment at work, had her bonus drastically chopped and was shuffled out of her position. She filed her wrongful dismissal suit in 2011. “Perhaps somewhat typically, the company responded that the woman had created the situation and that her performance was deteriorating,” added Robenalt. “This is more or less the expected response of a company with something to lose. Point the finger of blame at the whistleblower.”
In court, at initial pleadings, the judge considered there was more than enough evidence for the woman to believe the trading policy was illegal and that by complaining about it, it caused her dismissal. It was hard to dispute that conclusion when the Chief Executive officer was heard to remark to another company individual that he had the backing of the board and that the woman would soon start feeling the heat.
“If you are in a situation where you are witness to illegal behavior on the part of your employer, call me. Let’s talk. We can discuss what you have seen, and how it may be handled, should you choose to file a whistleblower lawsuit,” Robenalt suggested.
Mellino Robenalt LLC
200 Public Sq., Suite 2900
Cleveland, Ohio 44114
Call: (216) 241-1901
- More People Filing Medical Malpractice Claims for Chronic Pain
Both the number of pain management specialists and medical malpractice claims for pain management-related injury and death increased between 1980 and 2012, according to results of a study presented at the American Society of Anesthesiologists’ 2014 Annual Meeting. But one statistic does not explain the other. “We found that pain claims increased by 6.3 percent for every 10 years, whereas the number of pain anesthesiologists increased by only 2.0 percent per 10 years,” Dr. Kelly Pollak told attendees. Since claims have changed in type and increased in severity, researchers hope anesthesiologists and doctors administering analgesics and opioids will take note […]
- Children Become Victims of Medication Mistakes Every Eight Minutes
After reviewing a decade of poison control hotline data, researchers determined that 63,358 children were the victim of a medication mistake each year, Reuters reported. According to Forbes, 400 suffered serious injury and 25 died in that 10 years. Both Forbes and Fox News suggested those numbers may actually have been higher, since some parents may not have realized their mistake, others may have turned to Google instead of the poison control hotline, and still more may have been worried about the police getting involved. Who’s Making These Mistakes and How Can They Be Prevented? “Most studies have focused on […]
- Man Awarded $1.5 Million After Medication Mistake During Botched Cataract Surgery Causes Blindness
A man has been awarded $1.5 million in damages after his surgeon used the wrong drug and blinded him during cataract removal surgery, outpatientsurgery.net recently reported. The surgeon should have used ophthalmic dye VisionBlue; instead, he used the methylene blue his nurse handed him. “Both the nurse and a surgical technician testified that they announced what the drug was before it was given to [the doctor], but he testified that he didn’t hear them,” the article stated. The patient underwent a second procedure and a corneal transplant after the mistake, but neither restored vision to his left eye. He also […]
See other news sources publishing this article. BETA | Tags: Cleveland medical malpractice, Cleveland medical malpractice lawyer, Cleveland whistleblower lawyer, Personal Injury Law Cleveland malpractice lawyer