A Financial Industry Regulatory Authority (FINRA) panel, on February 21, 2013, ruled Charles Schwab Corp. may use class-action waivers in their customers account agreements . While this is not good news for customers, surely other brokerage firms will quickly follow suit. The immediate affect will be to strictly limit securities related class actions and force most, if not all, individual investor claims into arbitration. It is unclear at this time if FINRA will challenge the panel’s ruling.
You may read a full article on the ruling here.