Court Tosses Whistle-Blower’s Claim That UBS Violated CFPA Retaliation Ban

UBS Securities LLC Feb. 24 was granted dismissal of a former employee’s Consumer Financial Protection Act claims that he was fired in retaliation for complaining about pressure to skew certain “off message” research reports (Murray v. UBS Sec., LLC, S.D.N.Y., No. 14 Civ. 927, 2/24/15).

On a question of first impression, the U.S. District Court for the Southern District of New York concluded that because the products at issue, commercial mortgage-backed securities, weren’t regulated by the Consumer Financial Protection Bureau at the time the complaint was filed, Trevor Murray wasn’t a covered employee within the meaning of the ...