Legal Question in Employment Law in Minnesota

My husband is employed by a large bank in town, for the past year.

They recently updated their code of ethics to indicate that no employees may buy or sell any real estate other than their primary or secondary residences.

We have an LLC that we buy and sell properties with (using his limited broker's license). He already does not purchase any properties owned by this bank, so there's no possibility of "inside knowledge" or anything like that.

The employer is indicating that there will be no grandfathering in of employees and that anyone who doesn't cease the real estate activities immediately will be terminated with no severance.

Do we have any options for appeal? Anything that could be used for leverage to secure severance at least?

Thanks so much for the help!


Asked on 10/04/11, 6:31 am

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Unless your husband's employment is not a priority, you need to have an attorney review the written policy immediately to determine if your LLC ownership would be in violation.

THe policy itself may be subject to challenge.

Call or email for consultation.

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Answered on 10/04/11, 11:23 am


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