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LAWSUITS NEWS & LEGAL INFORMATION

$200M Settlement Proposed in Charles Schwab YieldPlus Class Action


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: The brokerage and investment house Charles Schwab (CS) announced Tuesday that it has signed a memorandum of understanding with plaintiffs to settle a civil class action lawsuit related to the Schwab YieldPlus Fund.

According to the terms of the proposed agreement, CS, without admitting liability, would pay plaintiffs a total of $200 million to settle the federal claims, which include allegations that the company deceived investors about the nature of the short-term investments that lost value when the credit crisis happened.

The plaintiffs had been asking for up to $890 million in damages. The agreement must be approved in court before becoming final.

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Published on Apr-20-10


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