Arguing For Arbitration Clauses In Customer Agreements
Law360, New York (March 25, 2013, 3:22 PM EDT) -- In a landmark decision with potentially wide implications, a Financial Industry Regulatory Authority hearing panel recently ruled that Charles Schwab & Company Inc. could include a provision in its customer agreements prohibiting customers from bringing class action claims against Schwab and requiring customers to arbitrate their claims. The decision should come as welcome news to brokerage firms and likely will prompt other firms to amend their customer agreements to include similar clauses.
In early October, 2011, Schwab amended its customer account agreements to include a waiver of Schwab customers' right to initiate class action proceedings against Schwab. In particular, Schwab...
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