Friday, February 3, 2012
NRLB - Last month, a 2-member panel of the National Labor Relations Board held that an arbitration agreement that contains a collective action waiver violates §8(a)(1) of the National Labor Relations Act (NLRA).
Amex - For the third time, the Second Circuit invalidated the class action waiver in American Express' contracts with merchants. The court reasoned that a "careful reading" of both Concepcion and Stolt-Nielsen "demonstrates that neither one addresses the issue presented here: whether a class-action arbitration waiver clause is enforceable even if the plaintiffs are able to demonstrate that the practical effect of enforcement would be to preclude their ability to vindicate their federal statutory rights."
FINRA - The Financial Industry Regulatory Authority (FINRA), Wall Street's self-regulatory organization, sued Charles Schwab. FINRA alleges that Schwab violated industry rules by adding a collective action waiver to customer account agreements.
[Meredith R. Miller]