Whistleblower Lawsuit Against Swiss Bank Goes Forward | NJ Whistleblower Laws

By Thomas McKinney

Swiss banking giant UBS lost its motion to dismiss a whistleblower lawsuit by a former mortgage securities strategist who said UBS fired him for refusing to publish misleading research.  A federal judge in Manhattan found that  the whistleblower could go forward with his case under the federal whistleblower law known as Dodd-Frank.

UBS argued that a whistleblower is protected only if he reports illegal conduct to the Securities Exchange Commission (SEC).  The whistleblower countered that he was protected because he objected to the deceptive research internally to his bosses.

Lawyers for employees hailed the judge’s ruling as a strong disapproval of corporate efforts to dismantle the broad whistleblower protections provided by the Dodd-Frank Act.  Congress enacted Dodd-Frank in response to the 2008 banking industry meltdown and the $600 billion of taxpayer money required to save the banks from insolvency.

About the Author
Tom McKinney is an experienced NJ Employment Lawyer in all major areas of labor and employment law, including discrimination, harassment, overtime violations, wage and hour claims, sexual harassment, wrongful discharge, Title VII, ADA, ADEA, FMLA, LAD, FLSA, and all other employment law claims. Tom is admitted to practice in the States of New Jersey and New York, United States District Court for the Eastern District of New York, Southern District of New York, District of New Jersey, and United States Court of Appeals for the Third Circuit. Prior to forming the firm, Tom practiced at Gibbons P.C. in Newark, NJ. If you have any questions regarding this article, contact Tom here today.