According to the law firm press release, the Charles Schwab Corporation provides online brokerage services to retail investors, and the Complaint alleges that Defendants made materially false and misleading statements and/or omitted adverse facts about the routing of its clients’ trades.

On November 2, 2016, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on January 20, 2017.

On June 12, 2017, the Court granted Defendant's Motion to Dismiss with leave to amend. An amended Complaint was filed on August 14. Defendants filed a Motion to Dismiss the amended Complaint on September 6. On December 5, the Court denied Defendant's Motion to Dismiss. Defendants filed a Motion to Certify the Order Denying the Motion to Dismiss the second amended Complaint on December 21. On January 24, 2018, the Court issued an Order denying the Motion to Certify the Order Denying the Motion to Dismiss the second amended complaint.

Plaintiffs filed a Motion for Class Certification on April 30, 2021. On October 27, the Court issued an Order denying the Motion for Class Certification.

Plaintiffs renewed the Motion for Class Certification on September 23, 2022. On February 2, 2023, the Court issued an Order denying the renewed Motion for Class Certification.

On March 30. 2023, the Court issued an Order directing closure of the case pending the outcome of arbitration.