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.