Charles Schwab News

Schwab to Buy USAA Investment Management Firm’s Assets for $1.8 Billion

The Charles Schwab Corp. has agreed to acquire assets of USAA’s investment management company, including brokerage and managed portfolio accounts, for $1.8 billion in cash. The companies have also agreed to enter into a long-term referral agreement that will make …

Charles Schwab Eyes Purchase of USAA Wealth Management, Brokerage Units: WSJ

Charles Schwab Corp. is in talks to buy brokerage and wealth-management operations from USAA for about $2 billion, the Wall Street Journal reported on Monday, citing people familiar with the matter. The deal, which could bring Schwab roughly $100 billion …

Schwab Temporarily Drops Client Class Action Waiver

Charles Schwab Corp. has temporarily reversed its requirement that clients waive their right to bring class-action lawsuits, adding a new twist in a battle closely watched by the securities industry and plaintiffs’ attorneys. “Effective immediately, Schwab is modifying its account …

SEC Regulator Urges Ban on Mandatory Arbitration Agreements by Investment Firms

A top U.S. securities regulator on Tuesday urged the government to consider adopting new rules that would prohibit or restrict brokerages and advisers from forcing customers to sign away their right to sue. “By providing investors with the ability to …

Securities Regulator OKs Schwab Ban on Class Actions by Clients

Charles Schwab Corp. can ban its clients from bringing class action lawsuits, a securities industry regulatory panel ruled Thursday in a sweeping decision that is likely to influence other U.S. brokerage firms to follow Schwab’s policy. Schwab last year told …

Schwab Loses Bid to Halt Regulatory Discipline Over Right to Sue

A federal court judge on Friday threw out a lawsuit by Charles Schwab Corp. that sought to stop its regulator from bringing a disciplinary case against the company for trying to take away customers’ rights to sue it in class-action …

Brokerage Schwab Hit with Complaint Over Client Lawsuit Waivers

Wall Street’s own watchdog filed a complaint against Charles Schwab Corp. on Wednesday accusing the online brokerage of requiring customers to waive their rights to pursue class actions against the firm, a violation of industry rules. The Financial Industry Regulatory …

New York AG’s Securities Fraud Lawsuit Against Charles Schwab Tossed

A lawsuit against Charles Schwab Corp. over auction-rate securities that was filed by former New York Attorney General Andrew Cuomo was thrown out by a state court judge. The 2009 lawsuit accused the San Francisco-based discount brokerage of fraud in …