FINRA filed a complaint against Charles Schwab & Company last week, charging the firm with violating FINRA rules by requiring its customers to waive their rights to bring class actions against the firm.  The agreement further included a provision requiring customers to agree that arbitrators in arbitration proceedings would not have the authority to consolidate more than 1 party's claims. The revisions allegedly were made to the Schwab customer account agreement in October 2011.  The amended agreement was sent out to nearly 7 million customers.   FINRA's complaint charges that both provisions violate FINRA rules concerning language or conditions that firms may place in customer agreements. Expedited Hearing. FINRA seeks an expedited hearing because Schwab's conduct is ongoing, as the firm has continued to use account agreements containing these provisions in opening more than 50,000 new customer accounts since October 2011. The issuance of a disciplinary complaint represents the initiation of a formal proceeding by FINRA in which findings in the complaint have not been made, and does not represent a decision.  Under FINRA rules, a firm or individual named in a complaint can file a response and request a hearing before a FINRA disciplinary panel. Possible remedies include a fine, censure, suspension, or bar from the securities industry, disgorgement of gains associated with the violations and payment of restitution. For further details:   [FINRA News Release, 2/1/12] and [FINRA Disciplinary Proceeding #2011029760201].