In re Charles Schwab Corp. Securities Litigation
Published: Jun. 12, 2010 | Result Date: May 25, 2010 | Filing Date: Jan. 1, 1900 |Case number: 3:08-CV-01510-WHA Settlement – $235,000,000
Court
USDC Northern
Attorneys
Plaintiff
Steve W. Berman
(Hagens, Berman, Sobol & Shapiro LLP)
Sean R. Matt
(Hagens, Berman, Sobol & Shapiro LLP)
Reed R. Kathrein
(Hagens, Berman, Sobol & Shapiro LLP)
Defendant
Erik J. Olson
(Morrison & Foerster LLP)
Facts
Investors in the Schwab YieldPlus bond mutual fund sued Charles Schwab Corp. and its subsidiaries claiming it failed to disclose all the risks of investing in the fund and the amount of its holdings in mortgage-backed securities.
Contentions
PLAINTIFFS' CONTENTIONS:
The investors argued that Charles Schwab incorrectly described YieldPlus as safe and failed to disclose the amount of its holdings in mortage-backed securities.
Result
The parties settled for $235 million.
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