Make Whole Law & Legal Definition
Make whole is a term used in reference to compensating a party for a loss sustained. The presise definition varies, according to contract terms and local laws. It may include either actual economic losses or to actual economic and non-economic losses, and not necessarily to the settlement value of the case. In the context of a loan, it typically refers to the amount left owed to the lender under the terms of the loan.
For example, The Sarbanes-Oxley whistleblower provisions provide that a covered employee may file, within 90 days of the alleged discrimination, a complaint with the Secretary of Labor ("the Secretary"). The statute requires the Secretary to notify the person named in the complaint and the employer of the filing of the complaint. The statute further provides that proceedings under Sarbanes-Oxley will be governed by the rules and procedures and burdens of proof of AIR21, 49 U.S.C. 42121(b).
Sarbanes-Oxley authorizes an award to a prevailing employee of make-whole relief, including reinstatement with the same seniority status that the employee would have had but for the discrimination, back pay with interest, and compensation for any special damages sustained, including litigation costs, expert witness fees and reasonable attorney's fees. 18 U.S.C. 1514A(c)(2)
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