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

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

Rating:Judge Delivers a Blow to Schwab Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 31, 2010

Judge Delivers a Blow to Schwab

News summary by MFWire's editors

Charles Schwab Corp. received bad news yesterday, when a U.S. district judge in San Francisco issued a ruling in the case involving Schwab's YieldPlus fund.

U.S. District Judge William Alsup ruled that Schwab breached the law when it did not obtain the go-ahead from shareholders before putting more than a quarter of YieldPlus fund assets into mortgage-backed securities, Bloomberg reports.

Schwab's portfolio managers "reversed field and repudiated" the fund's policy of restricting investments in a single industry to 25 percent, according to Alsup.

"While we disagree with the judge's ruling on this issue, he has only ruled on one of several claims and there are many more issues to be decided," wrote Schwab spokesperson David Weiskopf in e-mailed comments to The MFWire. "We look forward to putting all the facts, evidence and expert testimony to the jury and presenting a strong case at trial. " 

Edited by: InvestmentWires Staff, 

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

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q2Q1
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:
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