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News Update: Charles Schwab (NASDAQ:SCHW) Looks To Avoid SEC Lawsuit Over YieldPlus

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Uploaded by on Mar 23, 2010

3/23/2010- Charles Schwab (NASDAQ:SCHW) says it shouldn't be sued by U.S. securities regulators for switching half of the assets in its YieldPlus mutual fund into mortgage-backed securities without winning shareholder approval, according to a Bloomberg report.

The company tried to dissuage the SEC from bringing a variety of claims over YieldPlus, according to federal court filings. Schwab is already fighting an investor suit over the fund, which lost about 35% before dividends in 2008.

The SEC said that federal adviser rules required a shareholder vote before YieldPlus decided that mortgage-backed securities without federal insurance weren't subject to the fund's 25% cap on "industry" investments.

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  • Yep, this is GOOD! Thank you for sharing! Good Stuff!

    showem88 1 year ago

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