Schwab 401(k) Fight Belongs In Court, AARP Tells 9th Circ.

Law360 (September 23, 2019, 3:25 PM EDT) -- AARP asked the Ninth Circuit to rethink sending to arbitration a former Charles Schwab worker's proposed class action alleging that Schwab mismanaged its 401(k) plan, saying the decision could strip workers of ERISA protections and undermine millions of Americans' financial security.

In its amicus brief Friday, the organization said Michael Dorman rightly said in his rehearing petition that a Ninth Circuit panel misinterpreted U.S. Supreme Court precedent when it said his Employee Retirement Income Security Act suit against Charles Schwab Corp. belonged in arbitration rather than court.

"This issue is of 'exceptional importance' because, in light of today's retirement investing landscape,...

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