UBS whistleblower demands compensation
The former UBS bond analyst claims he was fired by a major Swiss bank in 2012 in “retaliation” for whistleblowing.
According to Bloomberg, the Supreme Court’s ruling is expected to be issued next June.
Photo: Valerie Blish/Bloomberg
The US Supreme Court is currently hearing a damages claim brought by a former UBS bond analyst against the lead bank. According to American media reports, this case is likely to be important for the future legal treatment of “whistleblowers” in the United States.
The former UBS employee claims in court that he was fired by a major Swiss bank in 2012 in “retaliation” for whistleblowing. According to his own statements, he refused to write misleading research reports consistent with company policy and complained to his bosses about attempts to pressure him, Bloomberg and Reuters reported on Wednesday.
In the first instance, UBS was ordered to pay damages of $900,000 to its employees. But a US appeals court overturned the ruling last year. She argued that the former employee had to prove that the dismissal by the large bank was in fact “retaliatory.” The large bank itself had justified the layoffs with a general reduction in the number of employees.
Reuters commented on Wednesday that a ruling in favor of UBS could significantly limit whistleblower lawsuits in the United States. It is often difficult for prosecutors to prove a defendant’s motives. According to Bloomberg, the ruling is likely to be issued next June.
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