Schwab Leans On Lamps Plus In Push To Sink 401(k) Class

Law360 (May 16, 2019, 7:31 PM EDT) -- The U.S. Supreme Court's recent Lamps Plus Inc. ruling supports Charles Schwab Corp.'s argument that class arbitration is off the table for workers claiming the money manager used its 401(k) plan as a cash cow, Schwab told the Ninth Circuit on Wednesday.

In a letter to the appeals court, Schwab argued that the high court’s decision, which held that arbitration agreements force workers into individual arbitration unless the agreement specifies otherwise, “further confirms the parties here should be ordered into individual — not class — arbitration.”

“Not only is there no affirmative contractual basis for concluding that the parties here agreed...

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