Charles Schwab Skirts Suit Over IRA Tax Exemption

Law360, New York (November 28, 2012, 5:13 PM EST) -- A California federal judge on Tuesday tossed a putative class action alleging Charles Schwab Corp. duped customers into signing agreements for retirement accounts that caused them to violate U.S. tax law, saying the complaint offered no evidence of an imminent threat of government enforcement.

U.S. District Judge Edward M. Chen dismissed the first amended complaint without prejudice. In the suit, lead plaintiff Joy Yoshioka accused the investment giant of including language in individual retirement account agreements that creates transactions prohibited by the Internal Revenue Code and...
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