{"id":667,"date":"2010-03-24T21:55:30","date_gmt":"2010-03-24T21:55:30","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/03\/more_on_yieldplus_mutual_fund"},"modified":"2022-09-19T08:55:56","modified_gmt":"2022-09-19T13:55:56","slug":"more-on-yieldplus-mutual-fund","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/more-on-yieldplus-mutual-fund\/","title":{"rendered":"More on YieldPlus Mutual Fund: Charles Schwab Corp. Tries to Dissuade SEC From Filing Securities Claims"},"content":{"rendered":"

\t\t\t\tCharles Schwab Corp. doesn’t want the Securities and Exchange Commission to file securities claims<\/a> over the YieldPlus mutual fund. Schwab contends that it never misrepresented the fund when it compared it to money market funds. The brokerage firm also says that it did not mislead investors, give certain ones more information than others, or let other Schwab funds cause financial harm to Charles Schwab YieldPlus Funds investors.<\/p>\n

While the SEC has yet to file YieldPlus-related claims against Schwab, it did send the brokerage firm a Wells notice last year notifying that it may sue. Schwab had switched about half of its assets in the YieldPlus fund into mortgage-backed securities without shareholder approval. Following the housing market collapse, what was once the largest short-term bond fund in the world fund, with $13.5 million in assets in 2007, lost 35% before dividends. As of February 28, Bloomberg data shows that the mutual fund had $184 million in assets.<\/p>\n

Even though the Investment Company Act of 1940, Section 13(a) states that a shareholder vote must take place before a company can do other than what its policies allow when it comes to which industries investments can be concentrated in, Schwab says it didn’t need approval because although the fund changed how mortgage-backed securities were categorized, it did not change its fundamental concentration policy.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Charles Schwab Corp. doesn’t want the Securities and Exchange Commission to file securities claims over the YieldPlus mutual fund. Schwab contends that it never misrepresented the fund when it compared it to money market funds. The brokerage firm also says that it did not mislead investors, give certain ones more information than others, or let […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3840,3752,3753,3799,3760],"tags":[],"class_list":["post-667","post","type-post","status-publish","format-standard","hentry","category-charles-schwab","category-financial-firms","category-mortgage-backed-securities","category-mutual-funds","category-sec-enforcement"],"yoast_head":"\nMore on YieldPlus Mutual Fund: Charles Schwab Corp. 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