SUPPLEMENTAL NOTICE OF PROPOSED SETTLEMENT
CASE SUMMARY
The United States District Court has preliminarily approved an amendment to the proposed settlement in the case known as In re Charles Schwab Corporation Securities Litigation. The Court authorized a Supplemental Notice of Proposed Settlement of Class Action ("Supplemental Notice") and directed that it be sent to certain class members who will be affected by the amendment.
On December 1, 2010, the Settlement Administrator mailed the Supplemental Notice to persons who may have held Schwab YieldPlus Fund shares on September 1, 2006 and acquired additional Schwab YieldPlus Fund shares between May 31, 2006, and March 17, 2008, through purchase of such shares or a dividend reinvestment in the Fund, and who were not California residents on September 1, 2006.
If you have received the Supplemental Notice, you are an affected class member. The Supplemental Notice explains that a clarification has been made to the scope of the release of claims that affected class members will be giving Schwab if they choose to participate in the settlement. The amended release encompasses more claims than just those certified in the litigation for the federal securities class, of which you have been a member. As a result, you are being given another opportunity to opt out of the class action.
If you still choose to proceed as a part of the class and not opt out, you will receive the compensation that the previous notice about the settlement told you that you would receive for your federal securities claims, and which in the Court's judgment is fair and adequate. You do not need to do anything to continue to be eligible for participation.
Alternatively, you can request exclusion and bring your own federal securities and/or Section 17200 claims, among other potential claims. In that case you would not be bound by the release in the settlement here, but you will also not be entitled to receive the benefits of the settlement, namely the money recovery. Do not request exclusion if you wish to participate in this lawsuit as a class member and obtain money from the settlement. If you exclude yourself from this action, you will not be affected by any decisions in this action, and you will not be entitled to share in any recovery in this action.
Further information is available from the
Case Documents and the
Frequently Asked Questions ("FAQs") available on this site.
KEY DATES
| Exclusion Deadline: |
Must be postmarked no later than January 14, 2011 and Received no later than January 21, 2011 |
| Objection Deadline (and/or Deadline for Request to be Heard by the Court) |
Must be postmarked no later than January 14, 2011 and Received no later than January 21, 2011 |
| Fairness Hearing: |
February 11, 2011 at 9:00 a.m. |
YOUR LEGAL RIGHTS AND OPTIONS
| DO NOTHING |
If you are a member of the Class, 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 obtained from Schwab's transaction 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 will be mailed to you. |
| REQUEST EXCLUSION |
If you do not agree to the amended release, you may exclude yourself. |
| 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