NEW YORK, Oct. 10, 2008 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, P.A., www.nasd-law.com, announced today that it filed another securities arbitration claim against Charles Schwab (Nasdaq:SCHW) with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution. The claim was filed on behalf of investors who purchased Schwab's YieldPlus Select Fund (Nasdaq:SWYSX) and Schwab's YieldPlus Fund (Nasdaq:SWYPX). The Claimants alleged that they purchased the YieldPlus Funds as an alternative to a money market fund, where they sought income with little to no risk. Instead, the value of their investments has experienced significant declines.
Klayman & Toskes' most recent arbitration filing comes on the heels of a FINRA Arbitration Award which held Charles Schwab responsible for an investor's losses in Schwab's YieldPlus Fund. In that arbitration, Case No. 07-03069, the Claimant sought to recover $667,000 which was lost in the YieldPlus Fund. The Arbitration Panel found Charles Schwab liable and awarded the Claimant $542,340 in compensatory damages. In another FINRA Arbitration Award, Case No. 07-02674, a FINRA arbitrator awarded a Claimant 100% of the losses sustained in the YieldPlus Select Fund. The arbitrator found Charles Schwab liable, and awarded the Claimant $18,425.
These FINRA Arbitration Awards clearly demonstrate that investors will most likely obtain a higher rate of recovery by bringing their claims in arbitration, as opposed to participating in a class action. In 2003, Klayman & Toskes conducted a detailed study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim traditionally obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered losses in the Charles Schwab YieldPlus Funds, and as a result of the credit crisis and subprime fallout overall. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you lost $25,000 or more in the Charles Schwab YieldPlus Funds and you wish to discuss your legal options at no obligation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com.