UBS Told to Pay $903,000 After Losing Retaliation Verdict
- Murray accused the Swiss bank of retaliating against him
- Manhattan federal jury returns verdict after two days
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
UBS Group AG owes $903,300 to a former senior strategist who claimed he was fired for refusing to sugarcoat his reports for clients.
A Manhattan federal court jury on Thursday sided with former top commercial mortgage-backed securities strategist Trevor Murray, who accused the Swiss lender of illegally firing him in 2012 for blowing the whistle on attempts by CMBS traders to influence his independent research reports. But the panel rejected Murray’s request for at least $3 million in damages and ordered the bank to pay less than one-third of that.