February 2, 2012

Schwab countersues FINRA

By Jill Gross

Yesterday I reported on FINRA’s enforcement action against Charles Schwab for inserting a class action waiver in its customer PDAAs. Today I hear that Schwab filed an action in federal court seeking a declaratory judgment that it’s class action waiver is lawful. Schwab offered to pay its customers’ arbitration filing fees pending the outcome of its suit. That still doesn’t redress customers’ rights to pursue their class action claims in the forum that FINRA has found to be the most appropriate forum for those claims — court. I will post links ASAP.

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