WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with yesterday’s filing of an amicus curiae brief in the U.S. Supreme Court in Murray v. UBS Securities LLC. The brief was led by The Anti-Fraud Coalition and joined by Better Markets and The National Employment Lawyers Association:
“Whistleblowers play a vital role in exposing fraud and abuse, often involving complex financial crimes that are especially difficult to uncover and prove. But when whistleblowers come forward, they take huge professional, personal, and financial risks, often incurring the wrath of their employers. That’s why strong protections for whistleblowers are so important and why Congress prohibited public companies from retaliating against their employees who blow the whistle on illegal activity. Unfortunately, the Second Circuit issued a decision last August making it substantially more difficult for whistleblowers to bring a case for unlawful retaliation. The Supreme Court will address the case next term, and in our amicus brief, we urge the Court to repair the damage and fully restore the safeguards against whistleblower retaliation.
“UBS Securities hired petitioner Murray as its research strategist to analyze and report on the market for commercial mortgage-backed securities, a type of complex investment similar to the residential mortgage-backed securities that fueled the financial crash of 2008. According to the...
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