Business Services Industry
Whistle-Blower Case Said to Result in First Decision under Sarbanes-Oxley Act.
Knight Ridder/Tribune Business News, January, 2004
By Duncan Adams, The Roanoke Times, Va. Knight Ridder/Tribune Business News
Jan. 31--The whistle-blower won a national test case that emerged in an unlikely, small-town setting.
And it seems certain that corporate attorneys and chief financial officers nationwide will study the ground-breaking results.
In a ruling posted Thursday, U.S. Department of Labor Administrative Law Judge Stephen Purcell ordered the Bank of Floyd and holding company Cardinal Bankshares Corp. to rehire, with back pay, former chief financial officer David Welch. Purcell issued the ruling from the Labor Department's Washington, D.C., office.
Cardinal Bankshares fired Welch in October 2002 after he aired concerns about its financial reporting, alleged...
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