Judge Shira Scheindlin
The Thomson University of Michigan Survey of Consumers” (Product) gauges consumer attitudes about the economy. Thomson Reuters (Markets) LLC’s three-tiered release of Product data provided for bimonthly release of information to subscribers at two seconds before 9:55 a.m. and at 9:55, and to the public at 10. Rosenblum learned that certain Thomson customers received Product access by 9:06 a.m., and believed that the tiered release constituted insider trading. He was fired within weeks of reporting his concerns to his superiors and the FBI. District court denied dismissal of Rosenblum’s suit charging violation of §21F of the Securities and Exchange Act as amended by the Dodd Frank Act (DFA), rejecting Thomson’s claim that under the Fifth Circuit’s decision in Asadi v. G.E. Energy (USA) LLC he had to report its alleged misconduct to the SEC. Discussing 18 USC §1514A, a Sarbanes-Oxley Act (SOX) provision, and noting Rosenblum’s reports, the court determined that Rosenblum plausibly stated a cause of action under 15 USC §78u-6(h)(1)(A)(iii), a DFA provision, because he adequately alleged that Thomson’s decision to terminate his employment was partly motivated by his report of alleged violations protected by SOX.