Eric Steinert Quoted in the Daily Journal
“Brokerages can require advisers to trade with the ‘company store’”

Seyfarth Shaw Labor & Employment partner Eric Steinert is quoted in an April 10 Daily Journal article discussing a 9^th Circuit Court of Appeals panel which dismissed an effort by the class action plaintiffs' bar to adopt for modern times California's Depression-era "forced patronage" law devised to keep employers from forcing employees to buy only from the company store. According to the article, "The decision affirmed dismissals of four potential class actions by federal trail judges in San Francisco and Los Angeles."

Eric said, "Here, broker-dealers have discretion under federal securities regulations to adopt restrictive trading policies, even if they may arguably run afoul of the California forced patronage statute."