Charles Schwab Can't Arbitrate ERISA Claims, 9th Circ. Told
Law360 (June 14, 2019, 11:40 PM EDT) -- Charles Schwab Corp. and a retirement plan participant fought before the Ninth Circuit on Friday over the plan's arbitration provisions that purportedly waive rights to collectively sue under the Employee Retirement Income Security Act, with the participant arguing that upholding the waiver would result in a "massive reduction in fiduciary liability."
During a hearing in San Francisco, James Bloom of Schneider Wallace Cottrell Konecky Wotkyns LLP, argued that his client Michael F. Dorman has sued on behalf of the Charles Schwab 401(k) plan and the plan itself never consented to arbitration.
If it did, Bloom said, that would violate ERISA, because...
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