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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, 


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