May 28, 2019 / 1:57 PM / 3 months ago

Schwab asking 9th Circuit to send 401(k) lawsuit to arbitration

The 9th U.S. Circuit Court of Appeals in San Francisco is set to consider next month whether to compel arbitration of a proposed class action accusing Charles Schwab Corp of loading its employees’ retirement plan with its own high-cost funds to profit from fees.

Plaintiffs have argued that under the Employee Retirement Income Security Act (ERISA), Schwab cannot enforce an arbitration agreement it wrote into its retirement plan, while Schwab has argued that under U.S. Supreme Court precedent, claims over federal law violations, including ERISA, can be arbitrated.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2EEfBAv

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