MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, July 17, 2009 Schwab Shells Out Almost $200K Over a Fallen Fund The Schwab YieldPlus Fund continues to face legal flak. MFWire has learned that a Finra arbitration panel in San Diego ordered the San Francisco-based brokerage to pay nearly $190,000, including damages and fees, for allegedly breaching fiduciary duty and written contract (and more) related to the fixed income fund. A spokesman for Schwab declined to comment on the ruling. Meanwhile, YieldPlus, which first drew fire last year after suffering substantial losses, faced a new set of attacks this week. It could have been worse for Schwab. The investor in the San Diego dispute, the widow of Everett Ross, had requested total damages of $432,189, plus all costs; yet the panel awarded less than $174,000, including costs, to Ross' widow. The rest of the award covered Finra fees related to the arbitration. Printed from: MFWire.com/story.asp?s=22092 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |