Age bias suit filed by ex-Finra big tossed
Case appears to be headed for settlement after judge issues dismissal order; Reich was former NY district director
An age-discrimination case filed in August by Hans Reich, the former district director of the Financial Industry Regulatory Authority Inc.’s New York office, has been dismissed.
The lawsuit has been or will be settled, according to a dismissal order Friday from judge Laura Taylor Swain, of the U.S. District Court for the Southern District of New York.
The order allows the parties to restore the case within 30 days if a settlement is not achieved.
Mr. Reich, who left Finra in March 2011, claims he was terminated at age 66 after his new boss, Susan Axelrod, head of Finra’s member regulation operation, told him she wanted someone more “active, engaged and involved” in his position, according to the lawsuit. He asserts that Ms. Axelrod wanted a younger person to run the district office.
In court filings, Finra denied the charges and said Mr. Reich’s “performance was inadequate in that he failed to supervise his subordinates, lacked visibility in the brokerage community, and failed to exercise leadership of the offices in his charge.”
Ms. Axelrod took over as head of member regulation in July 2010, replacing Mr. Reich’s former boss, Bob Errico.
Mr. Reich’s attorney, Jeff Liddle, a managing partner of Liddle & Robinson LLP, and Finra spokesperson Nancy Condon, both declined to comment.
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