Legal Question in Investment Law in New York
investment restrictions imposed by my bank
I work for a bank who restricts its employees' choices of brokerage firms: I and all immediate family members must invest either with our affiliate or an approved trading company. Under what law(s) can the bank do this? Can they fire me for not adhering to the rule? As long as we are careful with insider trading, then shouldn't my spouse be able to trade with whomever he chooses? I've run into this same restriction while working at another bank, too. Is this an industry-wide practice?
Asked on 5/14/07, 2:39 pm
1 Answer from Attorneys
Regina Mullen
Legal Data Services, PLC
Re: investment restrictions imposed by my bank
There would seem to be a conflict of interest, but you should consult local counsel, b/c this should have been litigated already.
Answered on 5/19/07, 11:16 pm
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