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.
Last 5 posts by Jill Gross
- Schwab removes class action waiver from customer agreements - May 17th, 2013
- Arbitration Fairness Act of 2013 introduced in Congress - May 8th, 2013
- Tennessee court invalidates brokerage firm's arbitration clause as unconscionable - May 1st, 2013
- Added Pressure on SEC to Eliminate Mandatory Securities Arbitration - April 30th, 2013
- Rick Bales named Dean at Ohio Northern's Law School - April 3rd, 2013