Legal Opinion
Douglas McDaniel v. Wells Fargo Investments, Llc
Court of Appeals for the Ninth Circuit
Decided April 9, 2013No. 11-17017, 11-55859, 11-55943, 11-55958PublishedCited by 15 opinions
1Opinion of the Court
OPINION
O’SCANNLAIN, Circuit Judge:
We must decide whether federal securities law preempts the enforcement of California’s forced-patronage statute against brokerage houses that forbid their employees from opening outside trading accounts.
I
A
Federal law requires brokerage firms to take measures reasonably designed to prevent their employees from misusing material, nonpublic information. To meet that obligation, defendants Wells Fargo Investments, Wells Fargo Bank, Wells Fargo Advisers (collectively “Wells Fargo”), Morgan Stanley Smith Barney (“Morgan Stanley”), and Merrill Lynch, Pierce, Fenner…
2Cases cited18 opinions
- Hines v. DavidowitzSupreme Court of the United States · 1941
- Rice v. Santa Fe Elevator Corp.Supreme Court of the United States · 1947
- Cipollone v. Liggett Group, Inc.Supreme Court of the United States · 1992
- Metropolitan Life Insurance v. MassachusettsSupreme Court of the United States · 1985
- Wyeth v. LevineSupreme Court of the United States · 2009
13 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Chinatown Neighborhood Assn v. Kamala HarrisCourt of Appeals for the Ninth Circuit · 2015
- Alpine Securities Corporation v. Financial Industry Regulatory Authority, Inc.Court of Appeals for the D.C. Circuit · 2024
- Birkelbach v. Securities & Exchange CommissionCourt of Appeals for the Seventh Circuit · 2014
- Metropcs California, LLC v. Michael PickerCourt of Appeals for the Ninth Circuit · 2020
- In re Countrywide Financial Corp. Mortgage-Backed Securities LitigationDistrict Court, C.D. California · 2013
10 more not listed; retrieve them via the Exa API.