A federal appeals court in San Francisco has denied a request for a rehearing in a case allowing Charles Schwab Corp. to compel arbitration in a dispute with a former employee over management of the company's 401(k) plan.
The request was made by Michael Dorman, the former employee and a former plan participant, who wanted all members of the 9th Circuit Court of Appeals — a petition for rehearing en banc — to review his ERISA complaint.
A three-judge panel ruled against Mr. Dorman in August in the case of Dorman et al. vs. The Charles Schwab Corp. et al. The judges reversed a ruling by a U.S. District Court that had supported Mr. Dorman's argument that arbitration didn't apply in his ERISA complaint.
On Nov. 7, the appeals court turned down his bid for a rehearing. "No judge of the court has a requested a vote on the petition for rehearing en banc," wrote the court in denying his request.
The Schwab 401(k) plan had assets of $3.59 billion as of Dec. 31, 2018, according to the latest 11-K statement.
