The ruling could cause broker-dealers to add the prohibitions to their customer agreements, which would eliminate class action lawsuits.
Read the full article from Lexology.com here.
Estimated reading time: 0 minutes, 19 seconds
Finra Dumps Judicial Class Action Waiver Ban for Brokers
Finra has ruled that its own rule prohibiting the use of judicial class action waivers in broker-dealer customer agreements is invalid. That’s because regulation of the matter is preempted by the Federal Arbitration Act, reports Lexology.com.
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