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Whistleblower Ordered to Pay Wall St. Giant $10.7M

HeadlineSep 08, 2010

A former biotech analyst who blew the whistle on deceptive tactics at the Wall Street firm Rodman & Renshaw has been ordered to pay the company millions of dollars in damages. Matthew Murray was fired in 2006 after asking his superiors to downgrade a favorable rating of the biotech giant Halozyme Therapeutics, a big Rodman client. Rodman filed a complaint against Murray after he attempted to pass on his internal correspondence with company officials to Congress. Last month, the Financial Industry Regulatory Authority sided with Rodman, awarding the company $10.7 million, a figure that could reach $15 million with interest.

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