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
4 responses so far ↓
1 ADR Prof Blog: Schwab countersues FINRA - ADR Toolbox // Feb 10, 2012 at 1:31 pm
[...] Prof Blog: Schwab countersues FINRA http://www.indisputably.org/?p=3325 Filed Under: [...]
2 Lawyer Jim // Feb 21, 2012 at 6:09 am
Did you manage to get the links?
3 Jill Gross // Feb 21, 2012 at 6:06 pm
Lawyer Jim: see my Feb. 4 post on the subject . The complaint is linked there.
4 Schwab Amends its Investor PDAA ‹ ADR Toolbox // Jan 17, 2013 at 10:41 pm
[...] action against it by FINRA Enforcement. (See my previous blog posts on the subject, here, here and here. ) The SAA [...]
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