A FINRA arbitration panel recently upheld Charles Schwab & Co.’s arbitration agreement that required customers to waive their rights to file a class-action lawsuit, despite the fact that FINRA rules ensure that customers may pursue class action claims in lieu of arbitration.
The decision would have effectively ended class claims for investors who have signed similar arbitration agreements with other firms, if that were the end of the story, but it is not. FINRA recently filed an appeal with its internal appeal board, the National Adjudicatory Council.
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