Group wants advisers barred from forcing client arbitration

03/6/2013 | InvestmentNews (free registration)

State securities regulators are asking Congress to adopt legislation prohibiting investment advisers from using contracts that require clients to resolve disputes with them through mandatory arbitration. The regulators also want lawmakers to look into a ruling by a Financial Industry Regulatory Authority hearing panel that said the agency can't keep Charles Schwab from preventing clients from filing class-action lawsuits.

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