9th Circ. Frees Wells Fargo, BofA From In-House Trading Suits

Law360, Los Angeles (April 9, 2013, 5:29 PM EDT) -- The Ninth Circuit on Tuesday affirmed the dismissal of four class actions accusing Wells Fargo Investments LLC, Morgan Stanley Smith Barney LLC and Bank of America Corp. of improperly blocking employees from trading securities using the services of other financial firms, saying the claims were preempted by federal law.

The decision comes more than a month after the class action plaintiffs told the Ninth Circuit that employees of Wells Fargo Advisors and other brokerages shouldn’t be forced to do their personal trading through their employers, saying...
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