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Rating:Schwab Fights the SEC's YieldPlus Inquiry Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 23, 2010

Schwab Fights the SEC's YieldPlus Inquiry

News summary by MFWire's editors

While defending itself against an investor lawsuit over the YieldPlus fund, Charles Schwab has also been fighting to prevent an attack from another party: the SEC. Fundsters interested in the details of the YieldPlus saga may want to take a look at Karen Gullo and David Scheer's article today in Bloomberg/BusinessWeek.

The tale of YieldPlus' woes begins in 2006, when the fund began investing heavily in mortgage-backed securities. (Between January 1 and March 28, 2008, the fund lost 16.8 percent of its value.) Both the suing investors and the SEC have attacked Schwab for making that shift without holding a shareholder vote. The SEC first sent Schwab a Wells notice about the investigation in October 2009. 

Edited by: Neil Anderson, Managing Editor


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