UBS has been ordered by a U.S. judge to face a lawsuit by a former bond strategist and whistleblower in Manhattan. The plaintiff says he was dismissed unfairly.
The case about the alleged unfair dismissal of Trevor Murray was made public Tuesday night in Manhattan, according to a report by «Reuters». The former bond strategist at Switzerland’s largest lender claims his superiors put pressure on him to publish misleading research reports about mortgage-backed securities.
UBS Rejects Claim
The managers hoped the publications would support the trading and underwriting business of the bank, Murray said. Murray was fired in February 2012 and he says his complaints about being pushed to publish the reports played a role in his dismissal.
UBS told «Reuters» that the claim had no merit and that Murray’s contract was terminated as part of a cost-cutting drive that eliminated thousands of jobs in the wake of the loss from unauthorized trading by Kweku Adoboli.
Cost-Cutting Measures
Murray worked for UBS twice. He was first dismissed in 2009 because of cost-cutting prompted by the global financial crisis and was nine months into his second contract at UBS when he was fired again, according to the report.
Murray is suing the bank for back pay and other damages, «Reuters» said.
