The US District Court has approved an amendment to the proposed Charles Schwab Corporation Securities Litigation settlement. The Supplemental Notice of Proposed Settlement of Class Action has been sent to the affected class members, which includes those who may have held Schwab YieldPlus Fund shares on September 1, 2006 and gotten more of them between May 31, 2006 and March 17, 2008. Shares may have been obtained through a dividend reinvestment in the Fund or through purchase. Affected class members cannot have been a resident of California on September 1, 2006.
The Supplemental Notice notes that there has been a clarification in the release claims’ scope that affected class members will be giving Schwab if they decide to take part in the settlement. More claims than those in the federal securities class litigation are now included in the amended release. Class members now have another chance opt out of the class action complaint.
Exclusion Deadline: Your notice of exclusion must be postmarked no later than January 14, 2011 and cannot be received after January 21, 2011.
Objection Deadline: Postmark must also be no later than January 14, 2011 and received no later than January 21, 2011.
There will be a fairness hearing on February 11, 2011.
For those that decide to proceed with the class, you don’t need to do anything to stay eligible. Class members will get the compensation for the federal securities claims that they were notified about in the previous notice about the settlement.
Filing an Individual Securities Claim Against Charles Schwab
For those of you that do choose to be excluded from the Charles Schwab class action case and any related benefits, you can file your own Section 17200 and/or federal securities claims and/or other possible claims. Filing an individual claim may allow a claimant to recover more than if he/she had stayed with the class action case. Individual investment fraud claims also take less time to resolve than do lengthy class action cases. Our stockbroker fraud lawyers represent clients with securities fraud cases against Charles Schwab.
To explore your legal options, contact our securities fraud law firm today.
Related Web Resources:
Read the Supplemental Notice
Schwab Yield Plus Settlement Frequently Asked Questions