Court OKs Schwab's $5.7M Deal With Investor Group

Law360, New York (September 21, 2010, 8:06 PM EDT) -- A federal judge on Tuesday gave an initial green light to Charles Schwab & Co.’s nearly $5.7 million settlement that would resolve claims by a subclass of investors who accused the investment firm of enabling Ponzi schemer Albert Parish to obtain money from their retirement accounts through his investment vehicle Battery Wealth Management Inc.

Judge David Norton of the U.S. District Court for the District of South Carolina agreed to divide the certified class into two subclasses and preliminarily approved the deal between Charles Schwab and...
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