Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:'Smoking Gun' E-mail Surfaces in Schwab Case Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, January 22, 2010

'Smoking Gun' E-mail Surfaces in Schwab Case

by: InvestmentWires Staff, 

A judge overseeing a case involving losses suffered by Schwab YieldPlus fund investors said a 2007 e-mail written by a Schwab managing director was a "smoking gun," Bloomberg reports.

“The jury could certainly construe that to mean: ‘We have not been honest with our investors," Bloomberg quotes U.S. District Judge William Asup as saying at a hearing on Wednesday.

The author of the e-mail was Janice Diamond, managing director of Schwab's credit department. In the e-mail, Diamond wrote that Schwab needed to do a "mea culpa" to clients and "admit our mistakes and make changes to prevent this from happening again."

Schwab spokesperson David Weiskopf told Bloomberg that Diamond's e-mail was one of millions Schwab provided in the case and should not be singled out. He said other documents support Schwab's claims that the credit crisis caused the fund's losses.

“That e-mail isn’t any smoking gun,” Weiskopf told the wire service. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use