Three customers have sued Charles Schwab Corp. over its payment-for-order-flow practices, charging that the brokerage giant didn't get them the best possible price for their orders.
The three — Jonathan Corrente, Charles Shaw and Leo Williams, represented by the law firm Bathaee Dunne — seek class certification, punitive and treble damages and restitution. They also want the court to order Schwab to disgorge its ill-gotten gains.
The plaintiffs claim that in the wake of Schwab’s acquisition of TD Ameritrade, the company receives more than half the order-flow payments made to brokerage firms. That, the plaintiffs claim, results in reduced competition among retail firms to remit more of the payments they receive in the form of rebates or price improvements to customers.
[More: Creative Planning lawsuit: Creative Planning, Schwab, Fidelity fighting adviser’s collusion charges]
Schwab called the complaints and lawsuit baseless, saying the action is “an obvious attempt to garner media attention.”
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
