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to file individual Claims against Schwab YieldPlus
The claims, filed with the Financial Industry Regulatory Authority (FINRA), allege that "However, unlike cash and money market funds, YieldPlus' portfolio held large positions in long term securities which exposed the portfolio to substantial market risk," the claims allege. That market risk was realized when, "YieldPlus posted steep losses in 2007-2008, during the financial collapse, because more than half its portfolio holdings were mortgage backed and asset backed securities," the claims contend. The claims allege that Schwab encouraged retail customers like the claimants, to hold onto their YieldPlus shares and that "In contrast, Schwab was liquidating YieldPlus from its other mutual funds, as well as its funds operated for the benefit of Schwab senior management." "Its liquidation of YieldPlus for its executives clearly shows Schwab putting its own financial interests ahead of Claimant's. Schwab was selling its YieldPlus to get out before the inevitable YieldPlus crash, leaving Claimant and others to suffer the losses," the claims contend. Requests from Charles Schwab YieldPlus Fund investors, to opt out of the YieldPlus Class Action lawsuit and have their case handled individually, must be postmarked no later than January 14, 2011. About Mark A. Tepper, P.A. (www.MarkTepper.com) MEDIA CONTACT: |
