FINRA’s Ruling in Charles Schwab Case “Kills” Customer Class Actions

On February 21, 2013, a FINRA hearing panel dismissed two of three causes in a February 2012 complaint against Charles Schwab & Company. The complaint focused on Charles Schwab’s amendment to its customer agreements to prohibit customers from bringing class actions in court. FINRA brought its disciplinary proceeding that alleged that the provision violated FINRA’s…