The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland's UBS Group AG .
by Trevor Murray, a former UBS bond strategist, of a lower court's decision to throw out his 2021 lawsuit that accused the company of unlawfully firing him for refusing to publish misleading research reports and complaining about being pressured to do so.
The New York-based 2nd U.S. Circuit Court of Appeals last year decided that Murray was required to meet that bar and failed, creating a split with four other federal appeals courts. Those courts have said that defendants in Sarbanes-Oxley cases can raise the lack of intent as a defense, but that plaintiffs do not have to prove employers acted with intent.
Robert Herbst, a lawyer for Murray, said the 2nd Circuit decision ignored the text of the whistleblower law, adding that he looked forward to arguing the case before the Supreme Court.Murray, who worked in UBS's mortgage securitization unit, accused UBS officials of pressuring him to issue skewed and bullish research on commercial mortgage-backed securities in order to support the bank's trading and underwriting operations.
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