Prize For First Adverse Determination By An ALJ Under Sarbanes-Oxley - Floyd, VA

The Hampton Roads Daily Press has the story of the first Sarbanes-Oxley complainant to obtain a favorable ruling from an Administrative Law Judge. And as the story says, no one would have expected the first case to be in a small town bank holding company with approximately 600 shareholders. The bank's lawyer didn't agree with the use of Sarbanes Oxley in this instance:

The law "was never intended to protect employees from a dispute with management. We know what it was intended to do. It was really intended to root out corruption in big companies that employ a lot of people."

Nevertheless, absent a reversal by the Administrative Review Board or the 4th Circuit Court of Appeals, it will have first taken root in small town soil. Go here for the ALJ's opinion.