Arbitration
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Schwab to allow clients to file class actionsIn its battle with Finra over mandatory arbitration, Charles Schwab has backed down, making its clients the winner. But the fight has just begun.
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Franken to SEC: Ban mandatory arbitrationMore than three dozen lawmakers have called on the Securities and Exchange ¬Commission to end mandatory-arbitration clauses in brokerage contracts.
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Franken, Dems tell SEC to ban mandatory arbitrationSuddenly, mandatory arbitration is a hot topic. The latest sign: Sen. Al Franken and 36 Democratic lawmakers have called on the SEC to ban the agreements.
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Mandatory arbitration targeted by regulators
Efforts by state securities regulators — with the backing of a high-ranking SEC official — to restrict or end the use of mandatory-arbitration clauses in brokerage contracts are giving some financial advisers headaches.
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State securities cops seek bill to ban pre-dispute arbitration for advisersState securities regulators are seeking federal legislation that would ban investment advisers from forcing their clients to use mandatory arbitration to settle claims against them.They also are urging Congress to prod the Securities and Exchange Commission to propose regulation that would ban
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Supremes may decide Finra-Schwab scuffleThe battle between Finra and Schwab over class-action waivers is not done. Lawyers say the case could get swept up in the national debate over consumer rights -- and ultimately end up before the Supreme Court.
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Ensuring class actions the right thing to doIf class actions are taken off the table, investors who have been victimized by brokers will be hurt. Perhaps just as importantly, a tool that helps keep the brokerage industry honest will no longer be in place.
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Finra appeals loss in Schwab arbitration caseDon't crank out those arb contracts just yet. Finra is challenging a ruling that OK'd waiver contracts, in which a client signs away the right to file a class-action lawsuit.
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Galvin talks to Chuck about allowing class actionsMassachusetts' top regulator William Galvin has asked Charles Schwab Corp. to be a 'good corporate citizen' by allowing clients to file class actions.
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Schwab's class action win a blueprint for other firmsMore brokerage firms are expected to demand that customers give up their right to file class actions against them
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Finra's suitability rules on private funds create conflictsRegulator's recently-adopted rules seem to directly contradict the implicit promise of privacy from SEC/CFTC rule
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Finra seeks to tighten arbitrator ruleFinra wants to tighten up its arbitration procedure. For starters, the self-regulator aims to bar hedgies and mutal fund executives from panels.
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Former MSSB manager wins $1 million award in Finra caseA former MSSB manager has won a $1M Finra panel award. The dust-up? The exec claims the wirehouse forced him to resign.
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Morgan Keegan slapped with $1.38 million arbitration award
Morgan Keegan & Co. Inc. suffered another significant securities arbitration loss this week when a Financial Industry Regulatory Authority Inc. panel Monday signed off on a $1.38 million award to an investor, whose complaint stemmed from Morgan Keen proprietary bond funds that blew up during the ...
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Turn off that recorder: Finra says arbitration hearings off limitsThe Financial Industry Regulatory Authority Inc. plans to warn parties in its arbitration hearings against using electronic devices to secretly record and transmit the proceedings.
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