There’s an update in the MMTLP case from Scott Traudt v. FINRA, Schwab, etc.
Note: Earlier reports on this had indicated incorrect information about arbitration. This story has since been updated.
An extension has been granted to Schwab of 20 extra days to respond to Traudt’s complaint, but the judge stopped short of dismissing the complaint altogether.
Scott and all community members are expecting an order for arbitration soon, which will be Schwab’s way of trying to run this case seemingly ‘in house’.
If it can be achieved, overcoming the arbitration clause that all brokers make customers sign will be a big step forward.
Attorney and community member Richard Hofman’s case was forced into arbitration with Fidelity. Richard found the arbitration so unfair that he withdrew his case to protect any unworthy decisions or lowball settlements to his claim.
Scott has been working hard and has an ammended complaint. The 1st amended complaint court document can be viewed here and is loaded with documents and evidence against the parties involved.
This information is still good news for all MMTLP shareholders as the case moves forward.
JunkSavvy summarized the new information as well.
Scott has made a lot of progress with his case in a short amount of time. A subpoena has been issued to Gary Gensler, Ken Griffin, as well as companies AST, Next Bridge and others.
For the latest updates, be sure you are following Scott on Twitter (X) at @Greenhills303.
Community member Kurtis was so happy with Scott’s progress he suggested a new image for Scott, which was quickly created by community designer ArtBurn.