This was a disappointing week for small business in the Supreme Court. As we have argued in the past, the heavy-handed and complex requirements of the Sarbanes-Oxley Act were never intended to apply to independent companies. The Act was meant to govern only publically traded corporations. But, the Supreme Court rejected our arguments this week in its decision in Lawson v. FMR.
This was especially frustrating because the Court ignored our essential concern that extending whistle-blower protections to employees of independent companies would only encourage lawsuits. NFIB Small Business Legal Center’s Executive Director, Karen Harned, was quoted in voicing our dissent in Bloomberg, the Chicago Tribune, CNBC and Reuters.
For more on the case, check out the SCOTUS BLOG’s coverage here.