A New York federal court has joined several district courts in other jurisdictions in holding that the Dodd-Frank Act protects whistleblowers from retaliation if they report wrongdoing internally rather than to the Securities and Exchange Commission (“SEC”). Murray v. UBS Securities, LLC, No. 12-5914 (S.D.N.Y. May 21, 2013). The decision keeps alive a retaliation suit by a former UBS commercial mortgage-backed securities (CMBS) strategist, who claims he was fired after complaining to his manager and to a Managing Director, but not the SEC, that bank officials were pressuring him to skew his research to support the firm’s trading and loan origination activities. He alleges he told the bank’s head CMBS trader that he was concerned that certain CMBS bonds were overvalued, but was ordered not to publish anything negative about the bonds. The securities strategist was then fired despite having earned a “spotless review” of his work, according to the suit. In its motion to dismiss, UBS argued that the 2010 Dodd-Frank Act limits the definition of a whistleblower to an individual who provides information about a potential securities law violation to the SEC. The court disagreed, deferring to a 2011 SEC rule stating that individuals who make an internal report to superiors under the Sarbanes-Oxley Act are within the Dodd-Frank definition of whistleblowers.