29 May 2015
Your browser is unable to support Flash files.

Thomson Reuters settles lawsuit with whistle-blowing ex-employee

13 May 2014  |  3934 views  |  0 Thomson Reuters logo web screen shot

Thomson Reuters has reached a settlement agreement with a former staffer who sued the firm for wrongful termination, claiming he lost his job for whistle-blowing.

Plaintiff Mark Rosenblum says that he lost his job after telling the FBI that he thought Thomson Reuters had violated insider-trading laws by releasing market-moving consumer survey results to high-frequency trading clients a couple of seconds before the information was given to other subscribers.

The terms of the settlement have not been disclosed, according to Reuters.

Thomson Reuters pays more than $1 million a year to exclusively distribute the University of Michigan consumer survey results - which are published once a fortnight - to its terminal subscribers five minutes before the wider market sees them.

However, last year it emerged that the data giant had also been giving high-frequency traders willing to pay several thousand dollars a month an extra two second head-start.

Rosenblum's complaint drew the attention of New York attorney general Eric Schneiderman who began looking into issue, prompting Thomson Reuters to suspend the practice last July.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

14 April, 2014
19 March, 2014
18 March, 2014
21 February, 2014
09 July, 2013
05 April, 2013

Related company news


Top topics

Most viewed Most shared
Google unveils Android Pay
5279 views comments | 23 tweets | 27 linkedin
CBA to test Ripple for intra-bank transfer...
5233 views comments | 25 tweets | 21 linkedin
Visa Europe opens innovation hub in Israel
5003 views comments | 19 tweets | 9 linkedin
BBVA rolls out 'remote control' card app
4730 views comments | 25 tweets | 26 linkedin
eBay and Village Capital run accelerator f...
4704 views comments | 10 tweets | 4 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job