NON-SCHWAB ACCOUNT CALIFORNIA SETTLEMENT
On March 20, 2012, the Court Ordered that all money remaining in the settlement fund after fees and expenses are paid will be distributed to class members who have cashed the their initial disbursement checks. Per the Order, only class members whose residual payments are greater than $100 will receive a second distribution check.
On June 27, 2011, the claims administrator commenced mailing the distributions to eligible Federal and California class members. Please allow some time for postal delivery and delays, and thank you for your patience.
On November 8, 2010, the Charles Schwab Company filed an action with the U.S. District Court that oversees this matter to rescind the settlements stemming from the class action lawsuit brought involving its YieldPlus Fund. We will continue to update this site with further developments as they become known.
Welcome to the Charles Schwab Corp. Securities Litigation Website. This site provides information concerning the Charles Schwab Corporation Settlement Fund, created by the settlement of a securities case brought by plaintiffs in a class action initiated in the United States District Court for the Northern District of California, San Francisco Division. Within this site, you will find detailed information about the settlement, eligibility for participation and distribution and answers to frequently asked questions.
The total settlement is $35,017,295.91 plus accrued interest in cash. Your individual recovery will depend on the number of Class Members and how many Fund shares Class Members held on the relevant date and when you acquired and sold Fund shares. The Court in charge of the case is the United States District Court for the Northern District of California, San Francisco Division, and the case is known as the Charles Schwab Corporation Securities Litigation, Civil Action No. 08-cv-01510 WHA. The law firm of Hagens Berman Sobol & Shapiro LLP has been appointed to represent Class Members
KEY DATES
| Exclusion Deadline: |
December 1, 2010 |
| Deadline to submit Transaction Dispute Form or Proof of Claim: |
December 1, 2010 |
| Objection Deadline |
December 1, 2010 |
| Fairness Hearing: |
December 15, 2010 |
YOUR LEGAL RIGHTS AND OPTIONS
| IF YOU RECEIVED A RECORD OF FUND TRANSACTIONS |
You do not need to submit a claim or a request for payment. Your transactions that qualify for a share of the settlement have been provided by your broker's records and a list of those transactions and your estimated recovery was mailed with your Notice packet. If the Court approves the Settlement, your check, if any, will be mailed to you. |
| IF YOU RECEIVED A RECORD OF FUND TRANSACTIONS AND DO NOT BELIEVE THAT IT IS CORRECT OR COMPLETE, YOU MUST SUBMIT A TRANSACTION DISPUTE FORM |
If you believe the Record of Fund Transactions provided in your Notice packet is incorrect or incomplete, you may submit a transaction dispute form to claim additional transactions. |
| IF YOU RECEIVED A PROOF OF CLAIM FORM |
In order to participate, you are required to complete and return the Proof of Claim, listing all your shares held as of September 1, 2006 and any YieldPlus share sales and dividend income from September 1, 2006 to June 2, 2008 and supply supporting documentation. |
| OBJECT |
You may write to the Court that you do not agree with the settlement or some part of it. |
| GO TO A HEARING |
You may ask to speak in Court about the fairness of the settlement. |
For Further Information, Please Contact:
Toll-Free Number: 1-888-955-2703
or via E-mail at: classact@gilardi.com
Disclaimer:
This case is separate and distinct from the SEC v Charles Schwab Investment Mgmt., et al. enforcement action. If you would like more information on that case, please visit its website at www.schwabfairfund.com