Schwab Settles Claims From IPO Traders

Charles Schwab Corp., the biggest online broker, said Thursday that it has settled claims from some customers who tried to cancel orders for shares in the initial public offering of Theglobe.com Inc.

Shares of Theglobe.com, which offers users the chance to build personalized Web sites, surged more than tenfold in their first day of trading Nov. 13, to $97 from the offer price of $9, before closing at $63.50. They closed at $32.06 two days later.

About 1,500 customers tried to cancel orders to buy Theglobe.com shares, and Schwab was able to process cancellations from 1,200, said spokesman Glen Mathison. “We have been settling with those 300 customers,” he said.