Schwab removes required lawsuit waiver for clients

05/17/2013 | Reuters

Charles Schwab will no longer require clients to waive away their rights to bring class-action lawsuits, the company announced this week. "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 company said in a statement. The Financial Industry Regulatory Authority last year unsuccessfully challenged Schwab's right in front of a FINRA panel, although the case is still pending appeal before the National Adjudicatory Council.

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