Hagens Berman Sobol Shapiro: Firm Appointed Lead Counsel in Charles Schwab YieldPlus Class Action

2008-08-18 20:28:00

    SAN FRANCISCO, Aug. 18 /EMWNews/ -- Today United States District

Judge William Alsup appointed Hagens Berman Sobol Shapiro lead counsel in

the class-action litigation against Charles Schwab Corporation (Nasdaq:

SCHW) involving Schwab YieldPlus Funds Investor Shares (SWYSX) and Schwab

YieldPlus Funds Select Shares (SWYPX).



    



    Hagens Berman Sobol Shapiro filed the first class-action suit against

Charles Schwab on March 18, 2008, alleging that Schwab deceived investors

about the underlying risk in the funds. The funds were marketed as cash

alternative when, in fact, the funds were highly speculative including

risky mortgage-related structured debt, the suit contends.



    After Hagens Berman Sobol Shapiro filed the first suit, many other

proposed class actions were filed and subsequently consolidated by the

federal courts in the United States District Court for the Northern

District of California.



    On July 3, 2008, Judge Alsup appointed five members of the YieldPlus

Investor Group as the lead plaintiffs and instructed them to interview and

choose counsel. On August 14, 2008 the YieldPlus Investor Group submitted

the court their decision to retain Hagens Berman Sobol Shapiro LLP. Today,

the Court approved that decision.



    "We are pleased that the YieldPlus Investor Group selected our firm as

the lead counsel for the class action, and that the court approved that

decision," said Reed Kathrein, a partner in Hagens Berman Sobol Shapiro.

"The court's ratification of the group's selection means investors and

witnesses now know where to get information about the suit, and to whom

they should provide vital information that will allow this suit to be

prosecuted effectively."



    Steve Berman, managing partner of the firm, said the firm has heard

from thousands of investors, some of which lost large portions of their

retirement savings. "Hagens Berman has been in close contact with many of

the investors, and we know first-hand how devastating Schwab's actions have

been for them. We look forward to vigorously representing their interests

in court."



    To participate in this lawsuit as a member of the class, investors do

not need to take any action at this time. If the Court certifies the case

as a class action, a decision which will not occur until after several

months, a notice will be sent out to investors in these funds. In the

meantime, for more information about the case, pleadings and orders, visit

http://www.hbsslaw.com/schw. If an investor or witness has information to

share that would help in the prosecution of this matter an email should be

sent to info@hbsslaw.com.



    About Hagens Berman Sobol Shapiro



    Hagens Berman Sobol Shapiro (HBSS) is a law firm with offices in

Seattle, Chicago, Cambridge, Los Angeles, Phoenix, New York and San

Francisco. Named to the Plaintiffs' Hot List by National Law Journal, HBSS

has developed a nationally recognized practice in class-action litigation.

The firm has served as co-lead counsel in litigation to recover losses from

Enron employees' retirement funds and represented Washington and 12 other

states in lawsuits against the tobacco industry that resulted in the

largest settlement in the history of litigation. The firm also served as

counsel in several other high-profile cases including the Washington Public

Power Supply Securities litigation, which resulted in a settlement of more

than $850 million, and the $92.5 million settlement of The Boeing Company

litigation. HBSS also served as co-lead counsel in a VISA/MasterCard

litigation which resulted in excess of a $3 billion settlement. Other

notable cases include litigation involving the TAP Pharmaceutical's Lupron

litigation; GlaxoSmithKline's Relafen litigation; Exxon Valdez oil spill;

Louisiana Pacific Siding; Nordstrom; and Boston Chicken.



    Contact: Mark Firmani




+1-206-443-9357, ext. 220 Mark@firmani.com

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