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Charles Schwab Class Action Settlement In Charles Schwab Securities Class Action Lawsuit

If You Acquired Shares Of The Schwab Yieldplus Fund (The “Fund”) Between May 31, 2006, And March 17, 2008, You Could Receive A Payment From A Class Action Settlement.

A class action settlement has been reached in a class action lawsuit pending against The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Schwab Investments, Charles R. Schwab, Evelyn Dilsaver, Randall W. Merk, George Pereira, Matthew Hastings, Mariann Byerwalter, Donald F. Dorward, William A. Hasler, Robert G. Holmes, Gerald B. Smith, Donald R. Stephens, Michael W. Wilsey, and Kimon Daifotis (collectively “Defendants”) in the the United States District Court for the Northern District of California (styled In re Charles Schwab Corporation Securities Litigation, Case No. 08-cv-01510 WHA) alleging that Defendants made false and misleading statements and omissions in the registration statements and prospectus issued by the YieldPlus Fund during the period between May 31, 2006, and March 17, 2008, about the investment profile and objectives of the YieldPlus Fund, according to the securities fraud class action settlement notice.

The Charles Schwab YieldPlus securities fraud class action lawsuit complaint reportedly alleges that Defendants violated federal and state law in registering, marketing and selling the YieldPlus Fund as a stable bond fund which had “minimal” risk of a fluctuating share price, but that the YieldPlus Fund was not “stable” and “safe” because it was comprised of mortgage-backed securities and corporate finance bonds making the YieldPlus Fund riskier than represented.

The Charles Schwab YieldPlus class action settlement reportedly includes the following settlement class members:

(1) all persons or entities who acquired shares of the Fund traceable to a false and misleading registration statement for the Fund and who were damaged thereby during the period November 15, 2006, through March 17, 2008, inclusive (the “Section 11 Class”); and

(2) all persons or entities who acquired shares of the Fund traceable to a false and misleading prospectus for the Fund and who were damaged thereby, during the period May 31, 2006, through March 17, 2008, inclusive (the “Section 12 Class”).

The Charles Schwab YieldPlus fund class action settlement reportedly provides that Defendants have agreed to pay $200 million in cash.  The balance of this class action settlement fund after payment of Court-approved attorneys’ fees and expenses and the costs of settlement administration, including the costs of printing and mailing this Notice (the “Net Settlement Fund”) will be divided among all eligible Class Members.

The Court is scheduled to hold a settlement fairness hearing at 3:30 p.m. on September 22, 2010 at the United States Courthouse, 450 Golden Gate Avenue, San Francisco, California where the Court will consider, among other things, whether the Charles Schwab YieldPlus settlement is fair, reasonable, and adequate.

For more information on the Charles Schwab YieldPlus fund securities fraud class action lawsuit settlement and potential settlement benefits and settlement updates, visit the Charles Schwab YieldPlus securities litigation website:

www.schwabyieldplussettlement.com

If You Have Thoughts On The Charles Schwab YieldPlus Fund Securities Class Action Lawsuit Settlement, Share Your Settlement Comments Below.

{ 2 comments… add one }
  • Lori August 5, 2010, 6:12 pm

    I am a 43 year old singer mother of two. Schwab recommended that I put a LARGE portion of my retirement into this fund immediately following my divorce when we split our assets. The Schwab rep told me that this was a fund with minimal risk. Instead, I have lost more than HALF of my life savings. No one from Schwab even contacted me about this issue and they had the wrong email address for me. I’ve been told that I might recover $5,000 through this settlement if I’m lucky. Ouch. This has been very painful. I hope the big shots in upper management at Schwab are enjoying their big houses and steak dinners while a single mother has lost everything she has worked so hard for more than 20 years to acquire. You suck Schwab!

  • Art behm March 18, 2013, 2:37 pm

    I bought SWYSX during the timeframe identified I did not participate in any class action effort to recover my losses. Do I have any recourse at this date for approximately 18,132.00 in losses?

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