Suit Claiming Schwab’s Robo-Adviser Hurt Investors Barred By SLUSA, Judge Rules

Mealey's (June 8, 2022, 1:28 PM EDT) -- SAN FRANCISCO — A California federal judge on June 7 dismissed with prejudice a putative class action against two Charles Schwab entities for breach of fiduciary duty and violation of California’s unfair competition law (UCL) due to the entities’ robo-adviser service allegedly harming their investments after finding the claims are barred by the Securities Litigation Uniform Standards Act (SLUSA)....