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Charles Schwab’s Class Action Prohibition Antics May Inspire Death Knell to Mandatory Securities Arbitration.
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May 7, 2013 @ 11:41 am |
Will the SEC Listen to Congress or NAASA and act Under Dodd-Frank Wall Street Reform and Consumer Protection Act to prohibit the use of mandatory securities arbitration ?
On Monday, thirty seven members of Congress wrote to the SEC to end forced FINRA arbitration. In a letter to Chairperson White, they wrote:
We write to express our strong belief that the Securities and Exchange Commission (the ³Commission²) should promptly exercise its authority under Section 921 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to prohibit the use of mandatory arbitration provisions in customer service agreements.
The Dodd-Frank Act was enacted, among other reasons, to protect American consumers from abusive financial services practices. Section 921 reflects Congress¹s concern over the increasingly widespread use of mandatory arbitration agreements in customer and client contracts, and grants the
Commission autho...
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 Charles Schwab’s Class Action Prohibition Antics May Inspire Death Knell to Mandatory Securities Arbitration.
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