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Schwab, Chamber Want Rehearing of USC Arbitration Dispute

Aug. 20, 2018, 6:32 PM

Charles Schwab Corp. and the U.S. Chamber of Commerce are urging a federal appeals court in California to revisit a recent panel decision holding that employers can’t force retirement plan investors to take their fiduciary breach claims to arbitration.

Charles Schwab and the Chamber are concerned that under a ruling last month, employers and workers won’t be able agree to arbitrate claims of fiduciary breach under the Employee Retirement Income Security Act. The entities voiced their concerns in a pair of friend-of-the-court briefs filed Aug. 17 in the U.S. Court of Appeals for the Ninth Circuit, where they asked...

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