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Schwab's Strike to Fend Off SEC Mortgage-Backed Suit Makes Solid Argument


By Lee Barney

March 29, 2010

Charles Schwab filed arguments in federal court in San Francisco to try to preclude the Securities and Exchange Commission from suing it over its YieldPlus fund. Once one of the biggest short-term bond funds in the world, with $13.5 billion at its peak in 2007, YieldPlus lost 35%, before dividends, in 2008 due to high exposure to mortgage-backed securities, which comprised nearly 50% of its portfolio. Today, a mere shell of its former self, it stands at $184 million.

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