TMX Group Ltd. has hired noted Toronto employment lawyer Janice Rubin to lead a third-party investigation into allegations of sexual misconduct against its chief executive officer, Lou Eccleston, during his time as an executive with Bloomberg LP, a TMX employee says.
An e-mail earlier this month from TMX chairman Charles Winograd to about eight upper-level executives at TMX named Ms. Rubin as the investigator, the employee said. The Globe is not identifying the source because employees of the company are not authorized to speak publicly on the matter.
Late last month, Business Insider alleged that while working for Bloomberg, the financial data giant, in the 1990s and early 2000s, Mr. Eccleston helped foster a work environment that enabled sexual misconduct against female subordinates. Its article also detailed allegations of sexual misconduct against Mr. Eccleston.
On Nov. 27, after the publication of the Business Insider article, TMX, owner of Canada’s largest stock exchange, said in a statement that its board was taking the allegations seriously and looking into Mr. Eccleston’s past conduct.
In a Dec. 2 e-mail to TMX staff, Mr. Winograd said a third party is conducting the investigation, but did not name the person.
Mr. Winograd also said he and three fellow board members, Marie Giguère, William Linton and Martine Irman, are leading the committee overseeing the third party’s investigation.
“We must look into the relevant facts in as much detail as possible and make our own determination,” Mr. Winograd wrote in the e-mail. “This involves looking into events from approximately 25-30 years ago. The committee will work as quickly as possible to gather all the relevant information and investigate properly.”
In the e-mail, Mr. Winograd said the board was “not aware" of any misconduct allegations against Mr. Eccleston during his five-year tenure at TMX Group.
Ms. Rubin is a partner with Rubin Thomlinson LLP. Several years ago, she led a third-party investigation into CBC’s handling of the Jian Ghomeshi affair. The radio host was fired in 2014 after facing allegations of sexual assault.
Ms. Rubin did not immediately respond to a request for comment. TMX Group declined to comment on the naming of Ms. Rubin as the investigator.
The TMX employee said some employees are concerned about the investigation, specifically that the board has so far revealed the identity of the investigator to only a few senior staff, and that employees lack an avenue to reach out to the investigator if they have complaints about Mr. Eccleston’s conduct at TMX Group.
Mr. Winograd declined an interview request with The Globe and Mail. In the Dec. 2 e-mail to staff, TMX said Mr. Eccleston has agreed not to discuss the allegations or the investigation publicly.
In response to an e-mailed list of questions detailing the concerns the source has raised, a spokesperson with TMX, Shane Quinn, e-mailed the following statement to The Globe on behalf of Mr. Winograd.
“To protect the integrity of the process and at the recommendation of our advisers, we are not making public additional details of the process at this time."
TMX also declined to say how long the investigation might take or how it picked individual board members to lead the committee.
Business Insider reported that multiple Bloomberg employees accused Mr. Eccleston in court records and filings to New York State’s Division of Human Rights of “preying on women with impunity at Bloomberg LP.”
The article also alleged that people who complained about Mr. Eccleston’s behaviour were labelled as “troublemakers,” and “subject to financial or territorial retribution.”
On the day the allegations against Mr. Eccleston were made public, TMX stock lost 4.5 per cent of its value.
At Bloomberg, Mr. Eccleston held positions including CEO of Bloomberg Tradebook. Before joining TMX Group in November, 2014, he worked in senior roles at Thomson Financial, Pivot Inc., and S&P Capital IQ.