Daily Briefing, July 3
Schwab settles
with the SEC
Charles Schwab said it has settled a lawsuit with the Securities and Exchange Commission over claims the company failed to file reports on suspicious transactions by independent investment advisers that Schwab terminated from its online service. The lawsuit, filed Monday in San Francisco federal court, claims Schwab’s adviser services division failed to file suspicious activity reports in 2012 and 2013. The advisers are independent and contract with Schwab and provide investment advice, according to the complaint. Schwab spokeswoman Mayura Hooper said the company settled with the SEC without providing terms.