Schwab's $235M YieldPlus Deal Gets Initial OK

Law360, New York (November 30, 2010, 4:47 PM EST) -- Charles Schwab Corp. revealed Tuesday that a federal judge had granted preliminary approval to a $235 million settlement that would lay to rest a consolidated class action claiming the brokerage firm fraudulently mismanaged its YieldPlus ultrashort bond fund.

The preliminary approval on Nov. 24 by Judge William Alsup of the U.S. District Court for the Northern District of California was disclosed in a filing with the U.S. Securities and Exchange Commission.

The preliminary approval comes after the $235 million deal appeared to collapse earlier this month....
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