OptionsXpress Shareholders Challenge $1B Schwab Bid

Law360, New York (March 23, 2011, 6:28 PM EDT) -- OptionsXpress Holdings Inc. shareholders lodged a class action Tuesday alleging the terms of Charles Schwab Corp.'s $1 billion takeover offer for the options equity trading firm were so low and restrictive that they breached a fiduciary duty to shareholders.

The class action, filed in the State of Illinois Circuit Court of Cook County, names Schwab and the board members of OptionsXpress as defendants in the suit.

The suit claims OptionsXpress’ board members breached their fiduciary duty because they did not attempt to obtain the highest price...
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