Hagens Berman Law Firm Appointed Lead Counsel in Charles Schwab Securities Class Action

On August 18, 2008, United States District Judge William Alsup appointed Hagens Berman Sobol Shapiro lead counsel in the securities class action litigation against Charles Schwab Corporation (SCHW) involving Schwab YieldPlus Funds Investor Shares (SWYSX) and Schwab YieldPlus Funds Select Shares (SWYPX).

The lawsuit alleges that that Schwab deceived investors about the underlying risk in the funds, and claims that while the funds were marketed as cash alternative, they were actually highly speculative and included risky mortgage-related structured debt.