The Financial Industry Regulatory Authority (FINRA) has filed an administrative complaint against Charles Schwab & Co. for violation of the Authority's ban on class-action waivers in brokerage customer agreements. In reaction, Schwab immediately filed suit against FINRA in federal district court, asking the court to block FINRA's action and rule that the customer agreements are enforceable.

Alan Kaplinsky, head of Ballard Spahr's Consumer Financial Services Group and an advocate for class-action waivers, wrote in an e-mail that Schwab "makes a good point." He added that the FINRA rule at issue does not preclude a class-action waiver. Even if it did, the Federal Arbitration Act "clearly trumps it."