Judge Nixes Merrill Advisers' Class Action V. BofA

Law360, New York (June 9, 2011, 8:38 PM EDT) -- A California federal judge on Monday tossed a putative class action against Bank of America Corp. that claimed its investment banking unit Merrill Lynch & Co. violated California labor laws by barring employees from holding trading accounts with other brokers.

U.S. District Judge George H. Wu ruled that the California labor laws barring companies from forcing workers to buy from their companies are trumped by federal securities laws intended to crack down on insider trading, and granted Merrill Lynch’s motion to dismiss without giving the workers...
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