Time is running out for Schwab YieldPlus investors to opt out of the class action. A properly completed Request for Exclusion must be received by the class action administrator no later than December 28, 2009. With the holidays, the time to do that is running very short.
YieldPlus investors who are class members but who wish to maintain individual arbitrations against Schwab must timely opt out of the class action. Absent a timely and properly filed request for exclusion, YieldPlus investors who happen to be class members (i.e., who purchased the YieldPlus Fund within certain dates) are automatically included and will be bound by any settlement that may be reached. While no settlement has been proposed for the YieldPlus class members, securities class action settlements often offer scant compensation to investors.
The SEC staff recently notified Schwab that it intends to recommend the filing of a civil enforcement action against Schwab Investments, Charles Schwab Investment Management, Charles Schwab & Co., Inc. and the president of the funds for possible violations of the securities laws with respect to the Schwab YieldPlus Fund.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing institutional and individual investors in YieldPlus actions. For further information, please contact us.
The Schwab YieldPlus Pendency Notice can be viewed in its entirety at www.hbsslaw.com/schw.