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Blog Home | Archive | Categories Home The Latest FINRA Says Charles Schwab & Co. Violated Rules with Class-Action Waiver February 3, 2012 @ 6:52 pm     Charles Schwab & Co. violated regulatory rules by requiring customers to sign a contract with a provision waiving their rights to bring class actions against the firm, according to a complaint filed by the Financial Industry Regulatory Authority (FINRA) on Feb. 1 Schwab is one of the nation’s largest discount brokerage firms, with more than 340 offices nationwide that together employ about 7,000 brokers. It has been a member of FINRA since 1970. The firm amended its account agreement in October 2011 to include a provision stating that customers have waived their rights to bring a class action suit against Schwab or to participate in class actions against Schwab. The amended agreement was sent to nearly 7 million people. The amended account agreement also contained a provision requiring to customers to agree that the claims of different cust... Read Full Article Archive January - 2009   2010   2011   2012   February - 2009   2010   2011   2012   March - 2009   2010   2011   2012   April - 2009   2010   2011   2012   May - 2009   2010   2011   2012   June - 2009   2010   2011   2012   July - 2009   2010   2011   2012   August - 2009   2010   2011   2012   September - 2009   2010   2011   2012   October - 2009   2010   2011   2012   November - 2009   2010   2011   2012   December - 2009   2010   2011   2012   Categories » Brokage Firm Fraud (78) » Broker Fraud (57) » FINRA Securities Arbitration (72) » Insider Trading (15) » Investment Fraud (94) » Merrill Lynch (11) » Morgan Stanley (18) » Mutual Fund Fraud (21) » Preferred Securities Fraud (1) » RBC Capital Markets (2) » Richard Byerly (1) » SEC (75) » Stockbroker Arbitration (27) » stockbroker theft (4) » Unfair Securities Practices (81) » Wachovia Securities, L.L.C. (1) » Wells Fargo Securities, L.L.C. (2) Subscribe! RSS Subscription Blog Article Search   Recent Articles   FINRA Says Charles Schwab & Co. Violated Rules with Class-Action Waiver  -  Charles Schwab & Co. violated regulatory rules by requiring customers ...   Are Public Arbitrators Are More Likely to Award Damages than Those with Financial Expertise?  -  Back in October 2008, the Financial Industr...   Merrill Lynch Fined $1 Million For Dodging Arbitration Mandated by FINRA  -  Merrill Lynch Pierce Fenner & Smith has been censured and fined $1 mil...   Former Red Sox Catcher Scores $1.2 Million Arbitration Award from Merrill Lynch  -  Doug Mirabelli, a former catcher for the Boston Red Sox, was awarded more ...   Is FINRA Mandatory Arbitration Policy a Violation of Your Legal Rights?  -  According to ...   FINRA Awards Damages for Firm’s Failure to Reasonably Inform Customers Regarding Bond Recommendation  -  On Jan. 9, an arbitrator for the Financial ...   Supreme Court: Arbitration Clause in Contract Not Invalidated by Consumers’ Right to Sue  -  The U.S. Supreme Court issued an ...   The SEC and FINRA Advise Investors to Proceed With Caution Concerning Non-Traded REITs  -  Stock market volatility and low interest rates these days have caused more...   Wells Fargo Fined $2 Million for Selling Unsuitable Securities to Elderly Customers  -  Wells Fargo Investments LLC has been fined $2 million for failure to super...   Wachovia Successor to Pay $148 Million to Settle Charges of Fraud and Bid Rigging  -  Wells Fargo Bank, N.A., successor by merger to Wachovia Bank N.A., has agr...

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