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SCHWAB YIELDPLUS FUND SELECT SH Message Board

  • konserve_99 konserve_99 Mar 27, 2008 3:02 PM Flag

    What return can be expected from class action?

    In my experience, class action suits against well funded organizations tend to make the attorneys wealthy, but do little for the shareholders. I would welcome any information on whether a class action lawsuit, based on experience, has provided a significant return -- more than pennies on the dollar. Information from law firms, if they follow this board, sought as well.

    One law firm must be particularly hard up as they are advertising their work on the Washington Public Supply System lawsuit which was settled 15 to 20 years a go (I was involved in that class action). Is it a firm that returns your phone calls in two hours, i.e., they have a trained switch board?

    Any advice on what what is the best way to go would be appreciated? Will participating in a class action lawsuit even if you have had six figure losses make a material difference in the end?

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    • My experience with class actions has varied. With the Schwab Yield Plus lawsuit, my guess is that we may secure more than 'pennies on the dollar' since Schwab is still a going concern unlike class actions that are fighting over scraps of bankrupt companies (I have experienced that a few times). Like you, I have experienced significant losses in this fund. I will participate in the suit as this is the only way to recover some of my losses. I recommend you contact the firm handling the suit as you may be an excellent 'lead plaintant'.

    • I agree the settlement may not be much but my 88 year old mother lost 25% of her net worth as we sold at a big loss 2 days ago and we are mad as hell that Schwab represented this fund as safe and stable for my elderly mother. She has joined the class action since not much else can be done. They told her: "Almost like a CD in stability but with better return". Any other recourse you know of?

      • 1 Reply to sundco
      • there are plenty of messages on the board about another way beside class action. It is called arbitration and 99% of investors' grievance since the 80's have been resolved that way. I hate to say it but if you keep banging your head on things I and other have suggested, then you have no other recourse but class action.

        People complain about attorneys getting all the money in class actions, why then use them? beside laziness and ignorance? PICK UP THE PHONE AND CALL AN ATTORNEY that know how to handle security arbitration. IT IS FREE!

        check here for an attorney in your area
        www.piaba.org

    • Based on my experience:

      pick one:

      -one free month of HBO
      -1 100 minute telephone calling card
      -a free small fries with your next order.
      -50% off commissions on your next schwab trade.

      The lawyer, of course, gets $7 million in cash.

      Seriously, as I posted elsewhere, if we get back 10% of our loss, we are doing very well, in my opinion.

    • alot for lawyers, too little for investors.
      I fortuneatly sold last years after a loss of about $8000 in 4 different accounts.

 
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