Categorized | Civil Justice Update

Judge rules UBS must face whistleblower suit.

Bloomberg News (5/22, Mclaughlin, Dolmetsch) reports, “UBS AG was ordered to face a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for telling supervisors he was being pressured to publish misleading reports.” US District Judge Jesse Furman in Manhattan “rejected the Swiss bank’s bid to throw out the case, saying in a decision filed yesterday that the former strategist, Trevor Murray, met requirements for proceeding under whistle-blower provisions of federal law. Murray, who was responsible for research and reports about CMBS products that were distributed to UBS clients, said he was pressured to skew his published research in ways designed to support UBS Securities’ CMBS trading and loan origination activities.” Murray allged “that UBS violated the provisions because the decision to fire him was based partially on disclosures that are protected by the 2002 Sarbanes-Oxley investor-protection law.”

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