An ex-employee of media company Thomson Reuters has filed suit against the company, claiming he was wrongfully terminated.
Mark Rosenblum said in his suit that after he told the Federal Bureau of Investigation (FBI) that his employer may have violated insider-trading laws, Thomson Reuters fired him. According to the suit, which was filed Wednesday, Thomson Reuters released consumer sentiment surveys—specifically, Thomson Reuters/University of Michigan Surveys of Consumers—to different subscribers at different times, in violation of insider-trading laws.
Rosenblum said the surveys went to ultra-low latency subscribers (or high-frequency traders that use higher-speed services) two seconds before 9:55 a.m., to “desktop” subscribers at 9:55 a.m., and to the general public at 10 a.m. On June 29, 2012, Rosenblum told the FBI that he believed this type of release of information violated insider-trading laws. He also told his employer the he had contacted the FBI.
On Aug. 3, Thomson Reuters fired Rosenblum without severance. In his suit, Rosenblum said his whistleblower actions are protected by Dodd-Frank.
“We believe the accusations from the complainant against Thomson Reuters to be unsubstantiated and without merit, and we will defend against them vigorously,” a company spokesman said in a statement.
Rosenblum is seeking unspecified compensatory and punitive damages.
Read more about this story on—you guessed it!—Thomson Reuters.
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