Finance
UBS to settle lawsuit with whistleblower, court filings show
Published by Global Banking & Finance Review®
Posted on March 12, 2026
1 min readLast updated: March 12, 2026
Quick Summary
UBS and former bond strategist Trevor Murray have reached an agreement in principle to settle his long‑running Sarbanes‑Oxley whistleblower lawsuit, stemming from his 2012 firing after he refused to issue misleading research reports.
UBS Reaches Settlement Agreement in Whistleblower Lawsuit with Trevor Murray
Settlement Details and Legal Background
Overview of the Settlement Agreement
March 12 (Reuters) - UBS has reached an agreement in principle with whistleblower Trevor Murray, a former bond strategist who accused the Swiss bank of firing him in retaliation for refusing to publish misleading research reports, U.S. court filings on Wednesday showed.
Expected Timeline for Final Settlement
The parties expect to reach a final settlement within 30 days, according to a joint statement by UBS and Murray, ending legal proceedings that began after his 2012 firing.
Legal Proceedings and Court Decisions
Appeals and Supreme Court Rulings
A New York appeals court last year threw out a $2.6 million jury award in favor of Murray, which the U.S. Supreme Court had earlier reinstated, in a 2024 ruling that made it easier for whistleblowers to win such lawsuits.
Reporting and Editorial Credits
(Reporting by Ariane LuthiEditing by Tomasz Janowski)
Key Takeaways
- •The settlement is expected to conclude within 30 days, according to joint court filings.
- •The case followed a $2.6 million jury verdict reinstated by the U.S. Supreme Court in February 2024, then overturned in 2025 over flawed jury instructions (claimsjournal.com).
- •The Supreme Court’s 2024 decision established that whistleblowers need not prove retaliatory intent under SOX, only that their protected activity was a contributing factor (supreme.justia.com).
References
Frequently Asked Questions about UBS to settle lawsuit with whistleblower, court filings show
1Who is the whistleblower involved in the UBS lawsuit?
Trevor Murray, a former bond strategist, is the whistleblower in the UBS lawsuit.
2What did Trevor Murray accuse UBS of?
Murray accused UBS of firing him in retaliation for refusing to publish misleading research reports.
3What is the current status of the UBS whistleblower lawsuit?
UBS and Trevor Murray have reached an agreement in principle and expect to finalize the settlement within 30 days.
4What happened to the previous jury award in the case?
A New York appeals court threw out a $2.6 million jury award in favor of Murray, which the U.S. Supreme Court had earlier reinstated.
5Which court recently made a key ruling affecting whistleblower lawsuits?
The U.S. Supreme Court made a 2024 ruling that made it easier for whistleblowers to win such lawsuits.