Securities,
Civil Litigation,
Banking
Oct. 28, 2021
Investor class denied in claims against Charles Schwab
U.S. District Judge Richard G. Seeborg denied class certification because “there is not a common answer” that would “resolve the issue that is central to the validity of each of the claims in one stroke.”
A federal judge refused Wednesday to certify a class of investors who accuse Charles Schwab in a lawsuit of violating its duty to customers by routing most trades to UBS Securities even though cheaper and faster options may have been available at other venues.
Schwab has an agreement with UBS to route the majority of its order to the securities firm in return for $100 million a year, the complaint stated, adding that the contract was reache...
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