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BofA violates whistleblower act

Posted: September 14, 2011 5:27 p.m.
Updated: September 14, 2011 5:27 p.m.
 

Bank of America Corp. was found in violation of the whistleblower protection provisions under the Sarbanes-Oxley Act, the U.S. Department of Labor’s Occupational Safety and Health Administration announced on Wednesday.

The Charlotte, North Carolina based-bank was found responsible for firing a Los Angeles area employee in retaliation for the employee alleging that those who attempted to report fraud to Countrywide’s Employees Relations Department "suffered persistent retaliation." The employee was fired shortly after the merger.

"It’s clear from our investigation that Bank of America used illegal retaliatory tactics against this employee," said OSHA Assistant Secretary Dr. David Michaels.

Bank of America has been ordered to reinstate and pay the employee approximately $930,000, which includes back wages, interest, compensatory damages and attorney fee.

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