FINRA Slapped With Age Bias Lawsuit

Thursday, September 01, 2011 08:13
FINRA Slapped With Age Bias Lawsuit

Tags: FINRA | staff

The former head of FINRA's New York regional office has sued the regulator for what he says is age discrimination.

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Hans-Linhard Reich ran the office from 2004 to 2010 with no apparent problems.


But in December, he says he was told that FINRA wanted someone "more active, engaged, and involved" in that job.


The problem is that "more active" is a red flag in labor bias suits for "younger."


Reich is now 66 and his replacement is in his mid-40s.


As planners and their support staff are graying, this is a good opportunity to review the hiring laws. Wisconsin's labor department has a good guide to the big areas that get employers in trouble.


In any event, Reich quit in March, but never got his 2010 bonus. He's suing to get it, along with other back pay and damages.


Neither FINRA nor Reich's lawyers would comment further at this time.




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