Thomson Reuters settles lawsuit with whistle-blowing ex-employee
13 May 2014 | 4434 views | 0
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.