New book by Larry Connors Click here Improve your trading - See how
In addition to the Award against Charles Schwab & Co., the FINRA Panel tagged the parent corporation, Respondents Charles Schwab Corporation and Charles Schwab Investment Management Inc., the wholly owned fund manager, with liability jointly and severally in connection with the Schwab Yield Plus fund. The FINRA Awards database indicates that this recent Award is the largest to date holding the Schwab parent and the manager of Yield Plus legally responsible jointly and severally along with the Charles Schwab & Co. retail brokerage outfit.
On October 15, 2009, following the Miller & Milove Award, the Securities and Exchange Commission issued a Well's Letter to Charles Schwab relating to the Yield Plus fund which notified Schwab that it is considering regulatory action. Miller & Milove arbitration counsel comments, that "[i]n view of the recent national crisis triggered by Wall Street excesses it is shocking to most Charles Schwab Yield Plus investors that Charles Schwab & Co., with a reputation for efficient retail investor access to the markets, has not stepped up and responsibly addressed patent mistakes made in connection with the Yield Plus debacle."
A class action involving Yield Plus and other Schwab funds is pending in a California Federal Court. The Federal Court has approved notice to all Schwab Yield Plus investors regarding the case and investors rights to participate in the Class Action. A deadline has been set for any investors desiring to opt-out of the class action. The notice includes details and instructions for participation in the lawsuit and potential recovery, outlines three specific classes already approved by the court as well as instructions for those who wish to opt out as a class member.
Action by any Schwab Yield Plus investor opt-outs must be received no later than December 28, 2009. The Court Notice may be viewed at www.hbsslaw.com/schw. Investors with substantial losses should consult with experienced securities Counsel concerning the option of remaining within the Class or opting out of the class and proceeding with individual representation.
Miller & Milove is a San Diego based securities firm (http://www.cmofraud.com) representing investors for more than 23 years.
###
Read the full story at http://www.prweb.com/releases/SCHWAB-YIELD-PLUS/Attorney/prweb3086064.htm.
PRWeb.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
