Tags: US | Charles | Schwab | Settlement

Schwab Settles Mortgage-Backed Securities Suit

Tuesday, 20 Apr 2010 09:58 AM

 

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Charles Schwab will pay $200 million to resolve a federal class action lawsuit filed by investors who say the financial holding company misled them over the safety of mortgage-backed securities.

The fund that angered investors shriveled from nearly $14 billion in 2007 to less than $1 billion in early 2008 as investors bailed out and managers were forced to dump their holdings cheaply.

The discount broker would avoid a trial with the settlement, but it must still be approved by the court.

Shares of Charles Schwab Corp. added 14 cents in premarket trading to $19.20.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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