- Related Documents
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- Final Approval of Settlement 04/19/11
- Plaintiffs' Reply Memorandum 09/15/10
- Reply Declaration for Plaintiffs 09/15/10
- Supplemental Declaration, California 09/15/10
- Supplemental Declaration, Federal
- Charles Schwab Settlement Announcement 09/15/10
- Joint Motion California 07/23/10
- California Brief 07/23/10
- Joaquin California Declaration 07/23/10
- Joint Motion Federal 07/23/10
- Federal Brief 07/23/10
- Berman Declaration 07/23/10
- Preston Declaration 07/23/10
- Motion Fees 07/23/10
- Fee Brief 07/23/10
- Coffin Declaration 07/23/10
- Dickson Declaration 07/23/10
- Hill Declaration 07/23/10
- Labins Declaration 07/23/10
- Levin Declaration 07/23/10
- Mikelonis Declaration 07/23/10
- O'Donnell Declaration 07/23/10
- Charles Schwab Settlement Announcement 04/20/10
- Order for Disclosure and Loss-Causation Motions 04/08/10
- Order for Defendant's Motions 04/08/10
- Judgment for Plaintiffs 03/30/10
- Second Amended Complaint 10/26/09
- Notice of Pendency 09/21/09
- Class Certification Order 08/21/09
- Order on Motions to Dismiss 02/04/09
- Summary on Motion to Dismiss 02/04/09
- Amended Complaint 10/02/08
- Order Appointing HBSS Lead Counsel 08/18/08
- Order Appointing Lead Plaintiffs 07/03/08
- Complaint 03/18/08
The lawsuit claimed Charles Schwab and the funds' underwriter deceived investors about the underlying risk in the funds, which were sold as cash alternatives, but were in fact highly speculative and risky mortgage-related structured debt, according to the complaint.
The complaint also stated that the funds' registration statements failed to include required facts about the investments - specifically that the funds have a high vulnerability of suddenly becoming illiquid and that the net asset values were highly speculative and inflated.
Since HBSS filed the first suit, many other firms filed similar class actions, and these were consolidated by the Federal Court in the United States District Court for the Northern District of California.
On July 3, 2008, the Honorable William H. Alsup appointed five members of the YieldPlus Investor Group to the position of lead plaintiff and instructed them to interview and choose lead counsel. On August 14, 2008, the YieldPlus Investor Group submitted their decision to the court to retain Hagens Berman Sobol Shapiro LLP. On August 18, 2008, the Court approved that decision
