The AP reports:
Securities companies that disparage employees in required dismissal forms cannot be sued for the statements, the state's highest court ruled Thursday in a decision affecting one of the state's biggest business sectors.…
In 1997, MetLife hired Chaskie Rosenberg to work in its All-Boro Agency in Brooklyn. Rosenberg and most of the staff were Hasidic Jews whose focus was selling insurance policies to the local Hasidic community.
The next year, the company began investigating improper sales practices at the office, including the sale of speculative insurance. Under such policies, an unrelated person pays premiums on a life insurance policy as a form of investment, expecting to collect when the insured person dies. The office was closed in 2000 and its employees were transferred to another office.
Following another audit, MetLife fired Rosenberg in April 2003, stating on the U-5 form that "Rosenberg appeared to have violated company policies and procedures involving speculative insurance sales and possible accessory to money laundering violations," according to court papers.
The NASD stores the forms on its online registration and licensing database used by regulators throughout the securities industry. While not available to the general public, certain information from the forms can appear indirectly on the NASD's "BrokerCheck" program that allows investors to obtain information about securities dealers.
Rosenberg sued MetLife in federal court, claiming he was fired because of his religion and charging the company with defamation. He denies selling speculative insurance policies.
The lawsuit was dismissed, but Rosenberg is appealing.…
Yup. Antisemites everywhere. Not.