Costello Law Group
Representing Clients Nationwide Free Initial Consultations
Local: 410-832-8800Toll Free: 877-418-0003

FINRA Ruling on Class Action Waivers

A FINRA arbitration panel has dismissed an action by FINRA regulators to prohibit Charles Schwab Corp. from requiring customers to sign off on agreements which prohibit participation in judicial class actions. While the arbitration panel did find that Charles Schwab Corp.'s use of such language violated FINRA rules, the panel decided that FINRA may not enforce its rules because they are in conflict with the Federal Arbitration Act. This decision may encourage other brokerage firms to utilize similar language further limiting a customer's right to seek relief from the courts system . Hopefully, FINRA regulators will appeal the panel's decision to FINRA's National Adjudicatory Council.

If you are a victim of securities fraud, financial malpractice, broker theft by a FINRA registered broker or have requested to withdraw money from your account and have been turned down please call the securities attorneys of The Costello Law Group at (877) 418-0003 for a free consultation.

For more information on FINRA's claim against Charles Schwab Corp. please

No Comments

Leave a comment
Comment Information

Contact Our Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy