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Charles Schwab to pay $187M to settle SEC charges, FDA to consider Moderna vaccine for young kids

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Notable business headlines include Charles Schwab agreeing to pay $187 million to settle SEC charges, the FDA considering the Moderna COVID-19 vaccine for children ages 6-17, and American Airlines temporarily hiking the pay for its pilots.

Video Transcript

[MUSIC PLAYING]

JULIE HYMAN: Some other headlines we're watching right now, Charles Schwab agreed to pay $187 million to settle an SEC investigation into alleged hidden fees charged by the firm's roboadvisor. That's a digital investment service that uses algorithms to allocate client funds. The SEC said that Schwab's allocation, however, and it allocated, quote, "in a manner that their own internal analysis showed would be less profitable for clients under most market conditions." Now, as part of that settlement, Schwab did not admit nor deny the allegation. It simply said in a statement, the firm is, quote, "pleased to put it behind us."

Advisors to the Food and Drug Administration are meeting today to decide if Moderna's vaccine should expand to include children ages 6 to 17. The FDA will consider the committee's vote when it's making its final decision on whether to clear the vaccine for use in children. This decision would open up use of the Moderna vaccine for children for the first time in the United States. That decision was delayed last year after the FDA determined more research was needed to authorize the shot because of the risk of heart inflammation. That FDA authorization could come as soon as this week.

And two American Airlines-owned regional carriers are hiking pilot pay by 50% through the end of August 2024, in hopes of helping end a pilot shortage that has led to thousands of canceled flights. That increase makes the pilots the highest paid of those US regional airlines. The pay raise could come as soon of-- as some of the largest pilot unions are in contract talks with their carriers. American Airlines recently offered all of its pilots a 4% range-- raise at the date of signing. A spokesperson for the union called that proposal, though, insulting.