Fired Broker's Case Against AXA Survives

Law360, New York (November 7, 2011, 4:45 PM EST) -- A New York federal judge on Monday refused to throw out a lawsuit that accuses insurer AXA Network LLC and a sister broker-dealer of breach of contract for firing a stockbroker who allegedly exposed a co-worker's involvement in a Ponzi scheme.

Broker and insurance salesman Steven S. Novick claims AXA violated its own procedures when it terminated him after he complained a fellow stockbroker sold interest in an investment fund operated by convicted Long Island, N.Y., fraudster Edward T. Stein. AXA maintains it terminated Novick's contract...
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