Schwab Hit With Class Action Over Mutual Funds

By Marc Tracy

Law360, New York (March 19, 2008, 12:00 AM ET) -- A putative class action against The Charles Schwab Corp. claims the company failed to give investors accurate information about the risks of two mutual funds set up to invest in mortgage-backed securities. The funds have decreased significantly in value over the past several months.

An investor in one of the funds filed a complaint Tuesday in the U.S. District Court for the Northern District of California on behalf of investors in either fund from mid-March 2005 through the filing date.

The suit includes charges of securities...
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