Tag: Charles Schwab

LIBOR antitrust complaints filed against banks

July 12, 2012 by

In May 2012, three different sets of plaintiffs filed amended complaints in federal court in Manhattan alleging banks around the world colluded to misreport interbank borrowing rates, which are averaged to produce the LIBOR every day.  In turn, LIBOR rates (which are currently determined for ten currencies) are used as the primary benchmark for short-term

Judge dismisses Schwab suit to halt FINRA action

May 31, 2012 by

U.S. District Judge Elizabeth Laporte in San Francisco, California, rejected as premature Charles Schwab & Co.’s challenge to the Financial Industry Regulatory Authority’s (FINRA) ban on class action waivers. Charles Schwab & Co., Inc. v. Financial Industry Regulatory Authority, No. 3:12-CV-00518 (N.D. Cal., Hon Elizabeth D. LaPorte).  Judge LaPorte dismissed the case on jurisdictional grounds, finding

FINRA and Charles Schwab lock horns over class action waivers

February 16, 2012 by

The Financial Industry Regulatory Authority Inc. (“FINRA”) and The Charles Schwab Corporation are engaged in a legal fight over whether a brokerage firm can avoid customer class-action claims by forcing all disputes into FINRA arbitration forums. In a complaint filed against Schwab on February 1, FINRA claims that the brokerage is violating rules by including