Brokers Challenge Forced In-House Trading Before 9th Circ.

Law360, Los Angeles (February 4, 2013, 8:11 PM EST) -- Employees of Wells Fargo Advisors and other brokerages should not be forced to do their personal trading through their employers, class action plaintiffs told the Ninth Circuit on Monday, saying California's anti-patronage protections apply since they do not conflict with federal rules against insider trading.

Attorneys for current and former brokerage house employees said trial judges in four related cases erred by finding in-house trading policies did not violate a California law that prohibits compelling or coercing the purchase of things of “value.” The policies of...
To view the full article, register now.