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NY appeals court overturns UBS whistleblower verdict

On Behalf of | Aug 18, 2022 | Firm Transition

A new trial has been ordered by a federal appeals court in a whistleblower case involving a former UBS AG strategist, according to a report by Financial Advisor.

The 2nd U.S. Circuit Court of Appeals in Manhattan overturned a 2017 jury verdict that had gone in favor of Trevor Murray, who was awarded over $900,000. Murray, who worked for UBS’s commercial mortgage-backed securities business, claimed he was fired illegally in 2012 as retaliation by the firm after he refused to embellish his reports for clients.

Murray asserted that UBS had violated the protections for whistleblowers that are set forth in the Sarbanes-Oxley Act. But the appeals court ruled that the verdict was not valid because the trial judge did not inform jurors that a whistleblower must prove that their employer intentionally retaliated against them, as the act states.

UBS had argued that Murray was not fired as retaliation, but instead was terminated as part of company-wide layoffs amid a period of financial losses for the firm.

Murray’s attorney did not immediately respond when asked for comment on the appeals court decision, the report stated.

Lewitas Hyman routinely represents financial advisors and other registered representatives who were wrongfully terminated by their firm. Our attorneys take a thoughtful approach to clients’ cases by first trying to work with the terminating firm concerning the Form U5 disclosure. When necessary, our attorneys are prepared to file wrongful termination and defamation claims. Contact Lewitas Hyman at (888) 655-6002 or through our online contact form for a free consultation.