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Schwab reverses ban on client class -action lawsuits

Charles Schwab Corp has temporarily reversed its requirement that clients waive their right to bring class-action lawsuits, adding a new twist in a battle closely watched by the securities industry and plaintiffs' attorneys."Effective immediately, Schwab is modifying its account agreements to eliminate the existing class-action lawsuit waiver for disputes related to events occurring on or after May 15, 2013 and for the foreseeable future," the San Francisco-based brokerage company said in a statement that was posted on its website on Wednesday.Schwab still believes that arbitration is the best forum for clients to resolve disputes with the firm, but said it was backing off the litigation ban in deference to clients who are uncertain about their rights as it fights to defend its original ban.Schwab's right to stop clients from bringing coordinated court actions was challenged last year by the Financial Industry Regulatory Authority, the securities industry's principal regulator. A FINRA...

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  1. Exclusive - Peregrine Financial scion: My father is dead to me

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  2. Card Add-on Products Stage a Comeback

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  3. Fannie Mae, KPMG Settle Lawsuit for $153 Million

    Fannie Mae (FNMA) and its former auditor KPMG LLP agreed Tuesday to pay $153 million to settle a long-running class-action lawsuit in which Ohio public pension funds...

  4. MBIA, Bank of America Settle Dispute

    Bank of America Corp. (BAC) agreed to pay MBIA Inc. (MBI) $1.7 billion to settle a dispute over faulty mortgage securities issued during the U.S. housing boom, elimi...

  5. States urge SEC to halt forced investor arbitrations

    State securities regulators on Friday urged the SEC to prohibit Wall Street brokerages from requiring customers to settle legal disputes through arbitration, which p...

  6. Judge Won't Hold Merchant Groups in Contempt Over Settlement Websites

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  7. Judge Will Not Hold Merchant Groups in Contempt Over Settlement Websites

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  8. Analysis: New York preserves weapon against Wall Street in case of ex-AIG chief

    When New York Attorney General Eric Schneiderman gave up a claim for damages against former AIG chief Hank Greenberg, he also likely neutralized a long-awaited chall...

  9. Want to Brawl With the Bank? Expect to Lose

    Consumers who get into an argument with a big bank might want to write off their loss and run for the exit rather than stand and fight.That's because most large bank...

  10. Goldman Completes Sale of Insurance Operations But Still Dabbles

    Goldman Sachs Group Inc. (GS) completed the sale of a majority stake in its insurance operations to a group of outside investors.The new company, Global Atlantic Fin...

  11. Wells Fargo Settles Medical Capital Investor Suit for $105 Million

    Wells Fargo & Co. (WFC) agreed to pay $105 million to investors of defunct medical-receivables-financing-company Medical Capital Holdings Inc.The San Francisco bank ...

  12. Democrats Urge SEC to Ban Mandatory Arbitration Clauses

    Dozens of congressional Democrats are joining the push for the Securities and Exchange Commission to prevent brokerages from including mandatory arbitration clauses ...

  1. Judge orders Dow Chemical to pay $1.2 billion in price-fixing case

    A federal judge in Kansas City, Kansas, ordered Dow Chemical Co on Wednesday to pay $1.2 billion in a price-fixing case involving chemicals used to make foam product...

  2. Wells Fargo ordered to pay $203 million in overdraft case

    A federal judge has again ordered Wells Fargo & Co to pay $203 million to settle class action litigation accusing it of imposing excessive overdraft fees on checking...

  3. Barclays wins dismissal of U.S. shareholder lawsuit over Libor

    Barclays Plc , the first bank to settle with authorities over alleged manipulation of the Libor interest rate, on Monday won the dismissal of a U.S. lawsuit by share...

  4. For banks in cyber heist, how to get their money back?

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  5. Will NY Drop Charges Against BofA?

    Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG <AIG.N> chief Hank Greenberg. Now, another...

  6. Analysis: New York may have to drop claims against BofA over Merrill

    Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG chief Hank Greenberg. Now, another big cas...

  7. Capital One Hit With New Lawsuit Over Payment-Protection Products By New Mexico AG - Filing

    The Attorney General of New Mexico has sued Capital One Financial Corp. (COF) over the sale of payment-protection and credit-monitoring products to credit-card custo...

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