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UBS settles long-running whistleblower lawsuit in New York
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UBS settles long-running whistleblower lawsuit in New York
Mar 12, 2026 7:50 AM

NEW YORK/ZURICH, March 12 (Reuters) - UBS

agreed in principle to settle a lawsuit by whistleblower Trevor

Murray, a former bond strategist who said the Swiss bank

fired him in retaliation for refusing to publish misleading

research reports, ending a long-running case that went to the

U.S. Supreme Court.

The parties resolved their differences through mediation,

and expect within 30 days to sign a final settlement resolving

the more than 13-year-old dispute, according to a joint letter

filed on Wednesday in Manhattan federal court. U.S. District

Judge Katherine Polk Failla ordered the case's dismissal on

Thursday.

Robert Herbst, a lawyer for Murray, declined to comment. UBS

and its lawyers did not immediately respond to requests for

comment.

Murray claimed that members of UBS' commercial

mortgage-backed securities desk pressured him to "skew" his

research to support the bank's trading positions and product

offerings.

He worked mainly in Manhattan before being fired in February

2012, and sued six months later.

UBS has said it fired Murray in the course of eliminating

thousands of jobs, following a $2.3 billion loss at a London

trading desk, not because of his whistleblowing.

In February 2024, the Supreme Court reinstated a more than

$2.6 million award for Murray, including a $903,300 jury verdict

for back pay, saying a federal law protecting financial

whistleblowers didn't require them to prove their firings were

motivated by retaliatory intent.

One year later, the federal appeals court in Manhattan set

aside the award, citing defective jury instructions. The Supreme

Court declined to hear Murray's subsequent appeal.

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