UBS Reaches Settlement with Whistleblower

Former bond strategist accused bank of firing him for refusing to publish misleading research

Published on Mar. 12, 2026

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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, according to U.S. court filings on Wednesday. The parties expect to reach a final settlement within 30 days, ending legal proceedings that began after Murray's 2012 firing.

Why it matters

This case highlights the ongoing challenges whistleblowers face in exposing corporate misconduct, as well as the legal battles they often have to endure. The Supreme Court's 2024 ruling made it easier for whistleblowers to win such lawsuits, which could embolden more employees to come forward.

The details

In 2012, Trevor Murray, a former bond strategist at UBS, was fired after refusing to publish misleading research reports. Murray then sued UBS, accusing the bank of retaliating against him for his refusal. A New York appeals court later threw out a $2.6 million jury award in Murray's favor, but the U.S. Supreme Court reinstated the award in a 2024 ruling that made it easier for whistleblowers to win such lawsuits.

  • In 2012, Trevor Murray was fired from UBS.
  • In 2024, the U.S. Supreme Court reinstated a $2.6 million jury award in Murray's favor.
  • On March 12, 2026, UBS and Murray reached an agreement in principle to settle the lawsuit.

The players

Trevor Murray

A former bond strategist at UBS who accused the bank of firing him in retaliation for refusing to publish misleading research reports.

UBS

A Swiss multinational investment bank and financial services company.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The parties expect to reach a final settlement within 30 days.

The takeaway

This case highlights the ongoing challenges whistleblowers face in exposing corporate misconduct, as well as the legal battles they often have to endure. The Supreme Court's 2024 ruling made it easier for whistleblowers to win such lawsuits, which could embolden more employees to come forward.