{"id":1016,"date":"2012-02-08T17:45:31","date_gmt":"2012-02-08T17:45:31","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/02\/finra_says_charles_schwab_corp"},"modified":"2022-03-09T16:14:13","modified_gmt":"2022-03-09T22:14:13","slug":"finra-says-charles-schwab-corp","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-says-charles-schwab-corp\/","title":{"rendered":"FINRA Says Charles Schwab Corp. is Making Customers Waive Right to Pursue Class Action Lawsuits"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has filed a complaint against Charles Schwab Corp. The SRO says the online brokerage is in violation of FINRA rules because it makes clients waive their rights to pursue class actions against it.<\/p>\n

Per a new provision added to over 6.8 million customer account agreements, Charles Schwab clients are now not allowed to begin or join class-action complaints against the financial firm. Customers must also agree that arbitrators won’t be given authority to consolidate claims from different parties, as this would set up a class-action situation.<\/p>\n

Over 50,000 clients have opened accounts with the financial firm since it implemented this new limitation. Now, FINRA wants an expedited hearing. The SRO is concerned that the class action waiver will cause millions of Schwab clients to mistakenly think they cannot bring or take part in an already existing class action complaint against the brokerage firm. Also, FINRA has specific rules about the conditions that financial firms can place on clients, and the SRO says this provision is a definite violation.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority has filed a complaint against Charles Schwab Corp. The SRO says the online brokerage is in violation of FINRA rules because it makes clients waive their rights to pursue class actions against it. Per a new provision added to over 6.8 million customer account agreements, Charles Schwab clients are now […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798,3840,3752,3739],"tags":[],"class_list":["post-1016","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-charles-schwab","category-financial-firms","category-finra"],"yoast_head":"\nFINRA Says Charles Schwab Corp. is Making Customers Waive Right to Pursue Class Action Lawsuits — Investor Lawyers Blog — February 8, 2012<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has filed a complaint against Charles Schwab Corp. 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