Schwab CEO: Will Reimburse Arbitration Fees For Clients While Court Weighs Co Response

The Wall Street Journal
February 2, 2012

Charles Schwab Corporation Chief Executive Walt Bettinger says client’s arbitration fees will be reimbursed if they pursue claims in litigation. Schwab has a “fundamental disagreement” with FINRA regarding the interpretation of a court ruling on class-action lawsuits. As a result of this disagreement, FINRA filed a complaint against Schwab on the grounds that the “company violated its rules by requiring customers to waive their rights to bring such lawsuits against the company” and that “Schwab added a new provision to more than 6.8 million customer account agreements.”

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