Corporations seek to limit new whistleblower law

Here’s the letter that dozens of publicly traded companies like Gap, McDonalds, the Mayo Clinic, Intel, General Mills, Saks, Sprint-Nextel, Time Warner and others signed on to, by way of the Association of Corporate Counsels. They say they’re worried that the new whistleblower law, which provides for a bounty to anyone who reports fraud to the Securities and Exchange Commission that results in monetary penalties, will undermine their internal compliance procedures. They are urging the SEC to force whistleblowers to report fraud internally, first, before they can qualify for any cash rewards. || earlier on Sharesleuth

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