Thomson Reuters settles lawsuit with whistle-blowing ex-employee

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.

Be the first to comment

Thomson Reuters settles lawsuit with whistle-blowing ex-employee

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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.

Sponsored [Webinar] Preventing disaster: How banks can address operational resilience to prepare for global outages

Comments: (0)

[New Whitepaper] Beyond Tomorrow In The Capital MarketsFinextra Promoted[New Whitepaper] Beyond Tomorrow In The Capital Markets