Age bias suit filed by ex-Finra big tossed

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
APR 03, 2012
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.

Latest News

Treasury hits BofA with $1.2B fine over money laundering violations
Treasury hits BofA with $1.2B fine over money laundering violations

“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.

The hidden cost of growing a firm without intention
The hidden cost of growing a firm without intention

To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.

Waverly, Apella buy $412M in RIA assets across Oregon, Northeast
Waverly, Apella buy $412M in RIA assets across Oregon, Northeast

Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.

&Partners taps two UBS leaders to run its private wealth business
&Partners taps two UBS leaders to run its private wealth business

Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor