Charles Schwab

News & Analysis as of

Bridging the Week - August 2015 #5

Charles Schwab Fined US $2 Million by FINRA for Net Capital Deficiencies: Charles Schwab & Co. agreed to pay US $2 million to the Financial Industry Regulatory Authority to resolve allegations that it had net capital...more

This Week In Securities Litigation

The Sixth Circuit last week concluded that Morrison, which held that Section 10(b) does not have extraterritorial reach, is inapplicable to Advisers Act Section 10(b). The DC Circuit, on rehearing, reaffirmed its prior...more

"The New Mutual Fund Exception: Ninth Circuit Allows Direct Claims to Redress Derivative Injury"

Courts have sought to simplify their approach to determining whether an action is derivative or direct — a determination that the Delaware Supreme Court has acknowledged “is sometimes difficult.” Tooley v. Donaldson, Lufkin &...more

When Bad Things Happen to Good People...On the Internet

The internet has generated countless new ways to communicate and share thinking. Some posted information is negative, which can still be useful when messages are truthful, in good taste, and constructive. But some negative...more

Northstar v. Schwab: The Ninth Circuit’s End Run Around Derivative Lawsuits in the Mutual Fund Context

It is well recognized that only investors have standing to sue a mutual fund on behalf of a class of investors and that a fiduciary duty claim accusing fund trustees of mismanagement is the property of the fund, and not of...more

Credit Crunch Digest - February 2015

This issue of the Credit Crunch Digest focuses on a €15 million fine imposed on ICAP for aiding the manipulating of the Japanese yen Libor; pressure from departing U.S. Attorney General Holder for U.S. prosecutors to bring...more

Investment Advisers Craft Fee Rebate Programs

Recently-publicized fee rebate programs may signal a coming trend, as investment advisers seek to market strong cultures of client service and responsiveness. For example, in August, the Securities and Exchange...more

FINRA Board of Governors Invalidates Class Action Waivers in Customer Account Agreements

In an April 24th ruling that will have widespread impact among financial institutions, the FINRA Board of Governors held that a broker-dealer violated FINRA rules by including a mandatory class action waiver in its customer...more

Another Fortune 500 Employer is Leaving California…

Charles Schwab announced last week that it is planning to move “a significant number of San Francisco-based jobs” out of state over the next three to five years. According to a recent article in Forbes, “Observers close to...more

FINRA Panel Rules on Charles Schwab's Challenge to FINRA Rules Prohibiting Class Action Waiver Clauses

In October 2011, Charles Schwab ("Schwab") began inserting into its customer Account Agreements a class action waiver clause....more

Federal Court in Delaware Issues First Stay Pending Covered Business Method Review under Section 18(b)(1) of the America Invents...

On February 5, 2013, Judge Gregory M. Sleet of the U.S. District Court for the District of Delaware issued an order staying litigation pending review by the Patent Trial and Appeal Board under the Transitional Program for...more

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