Class Action News

Schwab Urges 9th Cir. to Let 401(k) Arbitration Ruling Stand

Oct. 22, 2019, 2:29 PM

A decision allowing Charles Schwab Corp. to send a 401(k) fee lawsuit to arbitration correctly follows settled law and shouldn’t be revisited, the company told the U.S. Court of Appeals for the Ninth Circuit.

Schwab opposes a bid by 401(k) plan participant Michael Dorman to have the Ninth Circuit rehear the case, calling Dorman’s petition “alarmist and inaccurate.” The Ninth Circuit merely allowed Schwab to enforce an arbitration agreement in its 401(k) plan, which furthers the public policy in favor of arbitration and does nothing to undermine the enforcement mechanisms of the Employee Retirement Income Security Act, the company said....

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