For those following the Schwab YieldPlus case, Schwab reported last week in SEC filings that it received a "Wells" notice from the SEC. A "Wells" notice is issued to advise a potential defendant that the SEC staff intends to recommend that the SEC take action for alleged violations of the securities laws or the SEC's rules, in either an administrative proceeding before the SEC, or in a US District Court. The Wells notice was reported online at the WSJ here. Its too early to tell, but this may prompt Schwab to change its approach to responding to the class action lawsuit against it for the YieldPlus fund, as well as the individual arbitration claims filed against it by investors.
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October 22, 2009
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