NEW YORK, Dec. 15, 2010 (GLOBE NEWSWIRE) -- All Schwab YieldPlus class members are now free to opt out of the proposed Class Action settlement, but must do so in writing and postmarked no later than January 14, 2011.
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. The Supplemental Notice approved by the Court can be read here.
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. If you have not received notice, you should contact Napoli Bern Ripka immediately. The Supplemental Notice explains in part that a clarification has been made to the scope of the release of claims that affected class members. As a result, you are being given a second opportunity to opt out of the class action.
The law offices of Napoli Bern Ripka LLP are available to represent defrauded Schwab YieldPlus investors who timely opt out of the Federal Court Class Action. Napoli Bern Ripka has represented many Schwab YieldPlus investors in arbitration.
Napoli Bern Ripka LLP attorneys have successfully represented defrauded investors for many years. Napoli Bern Ripka has handled dozens of FINRA claims on behalf of investors in the Schwab YieldPlus Fund, for fraud, misrepresentation and other violations of the law following the receipt of the FINRA arbitration award. Schwab has announced the settlement exceeding $200 million on behalf of class members which will return a small percentage of your losses. However if you elect to opt out of the Class Action, after carefully reading and considering the Supplemental Notice, you will not be bound by the proposed settlement and will be free to pursue an individual action. Napoli Bern Ripka can help you.
CONTACT: Napoli Bern Ripka LLP Securities Department 350 Fifth Avenue, Suite 7413 New York, NY 10118 212-267-3700 x 159