Schwab Clients Urge Cert. Over Trades Routed Through UBS
By Hannah Albarazi (September 23, 2021, 10:12 PM EDT) -- Charles Schwab clients urged a California federal judge Thursday to grant them class status in their securities lawsuit accusing the financial services giant of violating its duty to get them the "best execution" on trade orders by intentionally concealing an agreement routing trade orders through UBS Securities LLC.
Counsel for the Charles Schwab & Co. Inc.'s clients — who filed suit in 2016 claiming that the brokerage failed to tell them it had signed an agreement to route nondirected trading orders to UBS and receive tens of millions of dollars in exchange — told U.S. District Judge Richard Seeborg during a remote hearing...
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