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

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

SAN FRANCISCO, Aug. 18 /PRNewswire/ -- 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).
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)
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

SOURCE Hagens Berman Sobol Shapiro

Mark Firmani, +1-206-443-9357, ext. 220, Mark@firmani.com, for Hagens Berman
Sobol Shapiro