START A PETITION 27,000,000 members: the world's largest community for good
START A PETITION
x

Take Action:Stand Up to Chuck: Demand That Charles Schwab Corporation Stop Denying Its Customers' Rights


Business  (tags: ethics, dishonesty, corporate, abuse, americans, business, consumers, finance, investors, investments, investing, law, money, society, usa )

JL
- 604 days ago - action.citizen.org
Charles Schwab & Co., Inc. -- a well-known investment advisor holding more than $2 trillion in assets for millions of investors -- is trying to eviscerate its customers' rights. In the fine print of Schwab's terms of service, there's a forced arbitration c



Select names from your address book   |   Help
   

We hate spam. We do not sell or share the email addresses you provide.

Comments

JL A. (276)
Thursday April 25, 2013, 5:53 pm

Charles Schwab & Co., Inc. — a well-known investment advisor holding more than $2 trillion in assets for millions of investors — is trying to eviscerate its customers’ rights.

In the fine print of Schwab’s terms of service, there’s a forced arbitration clause and a ban on consumers joining together in class actions — a serious blow for small investors.

Stand up to Chuck: Tell Charles Schwab & Co., Inc. to stop steamrolling its customers’ rights.

Corporations are increasingly using these terms to deny consumers their rights. The forced arbitration clause means that if you ever have a dispute with the company, you can’t go to a public court. You’ll have to go to a private, secretive tribunal chosen by Charles Schwab.

Class-action bans prevent you from banding together with other customers to hold these firms accountable for deceptive, fraudulent and illegal practices. So if Schwab misled investors and caused them to lose their hard-earned savings, only those few with the time and resources to seek justice individually – in costly and secret arbitration that is stacked against them — stand a chance to recover their losses. Meanwhile, Schwab can escape real accountability for potential bad actions.

Schwab’s decision is particularly egregious because it is the first of the brokerage firms to prohibit investors from participating in class actions. Now that Schwab has done it, others will likely follow.

Here’s why:

The Financial Industry Regulatory Authority (FINRA), a banking industry self-regulatory body, already has rules to prevent brokerage firms like Schwab from banning class actions.

By inserting a class-action ban into its terms, Schwab violated those rules. FINRA filed a complaint against Schwab to order it to remove the class-action ban.

You read that right. Even a corporate self-regulatory body that’s packed with bankers understands that it’s wrong to deny consumers’ rights.

Unfortunately, FINRA lost the dispute against Schwab, but the fight is far from over. An appeal is pending on the case, and, even better, the Securities and Exchange Commission could just step in and require Schwab and other brokerage firms to drop the predatory language from their terms.

In the meantime, Public Citizen urges you to join us in telling Schwab to restore its customers’ rights.

Shame on Schwab: Add your name to the petition demanding that Charles Schwab remove its forced arbitration clause and class-action ban.

Thanks for all you do,

Rick Claypool
Public Citizen’s Online Action Team
action@citizen.org
 

Sara W. (110)
Thursday April 25, 2013, 8:30 pm
Gladly signed. Thanks, J.L.!
 

Terry V. (30)
Thursday April 25, 2013, 8:59 pm
S&N THANKS!!!
 

JL A. (276)
Thursday April 25, 2013, 9:12 pm
You are welcome Terry! You cannot currently send a star to Terry because you have done so within the last day.
 

Glenn Byrnes (192)
Friday April 26, 2013, 12:27 am
Noted and signed.
 

Robert O. (12)
Friday April 26, 2013, 12:29 am

Thank You

Ready to take the next step? Make sure Public Citizen has the resources to keep defending the people and our democracy from corporate power and political corruption.

contribute now

Have signed. thanks!
 

Darren Woolsey (109)
Friday April 26, 2013, 12:32 am
Noted, signed and shared. Power corrupts.
 

Giana Peranio-Paz (394)
Friday April 26, 2013, 3:49 am
Noted and sign! The rat! Thanks JL
 

Patricia H. (454)
Friday April 26, 2013, 8:40 am
noted
 

Kit B. (276)
Friday April 26, 2013, 8:44 am

Thank You

Ready to take the next step? Make sure Public Citizen has the resources to keep defending the people and our democracy from corporate power and political corruption.

Signed, shared and donation made.
 

JL A. (276)
Friday April 26, 2013, 9:19 am
You are welcome Robert, Giana and Kit.
You cannot currently send a star to Kit because you have done so within the last day
 

Shanti S. (0)
Friday April 26, 2013, 12:30 pm
Thank you.
 

JL A. (276)
Friday April 26, 2013, 12:34 pm
You are welcome Shanti.
 

Angelika R. (144)
Friday April 26, 2013, 1:10 pm
Signed! No dirty tricks! thx JL
 

Gloria picchetti (300)
Friday April 26, 2013, 1:20 pm
Signed.
 

JL A. (276)
Friday April 26, 2013, 1:34 pm
You are welcome Angelika.
You cannot currently send a star to Angelika because you have done so within the last day.
You cannot currently send a star to Gloria because you have done so within the last day.
 

Past Member (0)
Friday April 26, 2013, 2:04 pm
these companies should not be allowed to make up their own rules Thats ridiculous


noted thanks
 

Betty Kelly (4)
Friday April 26, 2013, 2:54 pm
People give them their permission toplay with their $ and they do!
 

JL A. (276)
Friday April 26, 2013, 2:56 pm
You are welcome Carol. You cannot currently send a star to Carol because you have done so within the last day.
 

John B. (122)
Friday April 26, 2013, 3:14 pm
Thanks JL for the link. Signed and noted.
"Thank You"
 

JL A. (276)
Friday April 26, 2013, 3:32 pm
You are welcome John. You cannot currently send a star to John because you have done so within the last day.
 

Helen Porter (40)
Friday April 26, 2013, 8:50 pm
signed

and growled at the request to send a donation
 

JL A. (276)
Friday April 26, 2013, 8:56 pm
You cannot currently send a star to Zee because you have done so within the last day.
 

Michael Kirkby (86)
Saturday April 27, 2013, 3:40 pm
Noted & posted which reminds me of how many times I hear those ads that promise some wonderful service; but certain conditions may apply. If it's too good to be true then it usually is. There is no free lunch in physics or in life much as we would like to believe. There is always a cost.
 

Anna Undebeck (205)
Sunday April 28, 2013, 3:41 am

The page you are trying to load is Temporarily Unavailable :/
will try again later.
Thanks JL
 

Theodore Shayne (56)
Sunday April 28, 2013, 10:38 am
Done
 

JL A. (276)
Sunday April 28, 2013, 11:05 am
You are welcome Anna.

You cannot currently send a star to Theodore because you have done so within the last day.
 
Or, log in with your
Facebook account:
Please add your comment: (plain text only please. Allowable HTML: <a>)

Track Comments: Notify me with a personal message when other people comment on this story


Loading Noted By...Please Wait

 

 
Content and comments expressed here are the opinions of Care2 users and not necessarily that of Care2.com or its affiliates.