Charles Schwab Enters Agreement to Settle YieldPlus Fund Lawsuit

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In the News:

Charles Schwab announced Tuesday that it has agreed to pay $200 million to resolve a federal class action lawsuit filed by investors for their YieldPlus Fund. Investors alleged that the broker mislead them over the safety of the mortgage-backed securities. Charles Schwab YieldPlus Fund invested in securities backed by mortgages.

According to the terms of the proposed settlement, Charles Schwab has agreed to pay $200 million however, they will not admit liability.

The complaint alleges that Charles Schwab’s investment advisers, officers, directors and underwriters issued untrue statements regarding diversification of the YieldPlus Funds. The complaint outlines that the funds registration and prospectuses included untrue and misleading statements and omitted information about the investments.

Although the U.S. District Court in California will decide if Schwab can avoid trial with the settlement offer, the fund could still be investigated by the Securities and Exchange Commission.
As the economy continues to spiral downward millions of families have been negatively affected by fraudulent and deceitful financial practices by dozens of financial and brokerage firms. As a result, many Americans have lost their life savings and retirement.

Investment companies, brokerage firms, institutional banks, hedge funds, advisers and other financial professionals can be subject to hefty fines and the likelihood of compensating investors through solo and class action lawsuits. Due to the length of time it takes for these types of cases to settle, some are forced to borrow against future proceeds. At LawLeaf we can help you acquire lawsuit funding for pending or already settled cases. Whether you are waiting for a settlement or you have recently won a judgment, we can assist you.

If you are currently searching for a lawsuit cash advance against your lawsuit, contact LawLeaf today. LawLeaf provides pre settlement funding and post settlement funding for financial litigation claims. If you are searching for a lawsuit loan and searching for those companies that can provide it as non recourse, contact LawLeaf today.

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Thursday, May 6th, 2010 Class Action, Commercial Litigation

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