Reuters: Regulatory News: BRIEF-FINRA panel rules on Schwab practices, disclosures over arbitrations and class-actions, imposes fine

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BRIEF-FINRA panel rules on Schwab practices, disclosures over arbitrations and class-actions, imposes fine Feb 21st 2013, 19:08 Thu Feb 21, 2013 2:08pm EST Feb 21 (Reuters) - Charles Schwab Corp : * Finra says hearing panel dismisses 2 of 3 causes of action against Charles Schwab but orders $500,000 fine * Finra says panel found amended language in Schwab customer agreements to prohibit participation in judicial class actions violates finra rules * Finra says panel found finra may not enforce those rules because they conflict with federal arbitration act * Finra says panel found Schwab violated finra rules by attempting to limit powers of finra arbitrators to consolidate individual claims in arbitration * Finra says panel ordered Schwab to correct language in account-opening

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