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U.S. District Court Denies Schwab Summary Judgment in Yield Plus Fiasco
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April 14, 2010 @ 9:25 am |
Judge Aslup for the Northern District of California denied Charles Schwab & Co.’s Motion for Summary Judgment filed in its efforts to escape liability for defrauding investors in connection with the sale of its proprietary YieldPlus Fund.
Schwab touted its YieldPlus Fund as a near cash equivalent or money market fund.
Unbeknownst to investors, on September 15, 2006, Schwab, in an effort to inflate the YieldPlus Fund’s yield and attract new investors, changed the YieldPlus Fund’s "Investment Limitations" to permit the concentration in ...
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