Insider Trading Rules Preempt Broker Appeal, 9th Circ. Hears

Law360, New York (January 24, 2012, 12:46 PM EST) -- Bank of America Corp. on Friday urged the Ninth Circuit to reject an appeal by a putative class of former brokers who say they were unlawfully required to purchase securities through their employer, arguing that federal insider trading rules trump California labor code.

The Merrill Lynch & Co. parent company, in a reply brief before the appeals court, targeted the former Merrill brokers’ “unprecedented claim that California law prevents brokerage firms like Merrill Lynch from enforcing a generally accepted and nationally implemented customer and market protection...
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