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Firm Memoranda

Second Circuit Requires Proof of Retaliatory Intent in Sarbanes-Oxley Whistleblower Claims

Date: 09/12/22

On August 5, 2022, the United States Court of Appeals for the Second Circuit reached a decision in Murray v. UBS Securities, LLC, overturning a nearly $1 million award to a former UBS strategist who had filed a lawsuit under Sarbanes-Oxley’s (“SOX”) whistleblower protection provision, 18 U.S.C. § 1514A. The Court held that the jury should have been instructed that such a claim requires a showing of the employer’s retaliatory intent. The Second Circuit’s decision in Murray creates a circuit split, as the Fifth and Ninth Circuits have both held that “retaliatory intent” is not a required element for a Section 1514A claim.

CGR Memo - Second Circuit Requires Proof of Retaliatory Intent in Sarbanes-Oxley Whistleblower Claims (pdf | 165.42 KB )