Legal Question in Business Law in New Jersey

employment agreement contract

I was a trader for a trading firm on the stock exchange, We signed a contract (3 years) stating that we wouldnt be able to work or have interaction with any other traders for any firm with no geographical limitations. Its a very complex contract, basically says i cant even work in a financial institution. In august of 2006, i took a job with a hedge fund company to start a market data group (unrelated to trading) i had to go through a song and a dance for my previous employer to right off the contract for this company saying i would never have interaction with traders (the old company put you through a propreitary educational trading class) 1 week into the new job, the company went out of business, I went into a new field (market data) on no experience and a referral of the person starting the dept. Now i have been unemployed for 6 mths because the past 7 yrs of my experience is trading. My question is, i want to get back into trading, can i get out of this contract legally since its affecting my livelihood and not being able to find a job. I have asked them to let me out of the contract or give me my job back. Both answers have been emphatic no's. Can you give me some answers on whether this contract is binding.


Asked on 3/20/07, 11:37 am

2 Answers from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: employment agreement contract

this is a complex area of law, but it is very likely that no Judge in his or her right mind will make you sit unemployable and broke destitute for years and years.

However, you need a lawyer who does this kind of law. I do not have enough familiarity with it, but I have a friend who does.

Please contact me, and I will gladly put you in touch with my buddy. He, and I, are located in Hackensack NJ. If you are in south Jersey, this is not going to work; I suspect that a trader lives near NYC, so call me or email me.

Good luck to you.

Read more
Answered on 3/20/07, 11:45 am
Barry Kozyra Kozyra & Hartz, LLC

Re: employment agreement contract

These types of restrictions are enforceable only if reasonable as to time and scope.

You should consult with counsel to determine whether you can overturn it by bringing an action in Court.

Read more
Answered on 3/20/07, 12:23 pm


Related Questions & Answers

More Business Law questions and answers in New Jersey